City of Milan 'A+' Rating Affirmed On The Back Of Strong Liquidity; Outlook Still Negative
Standard & Poors, October 2010
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
The Italian City of Milan's budgetary performance is affected by dwindling operating revenues and ambitious investments over 2010-2012, which we expect to lead to operating deficits. However, we anticipate that Milan's liquidity will remain strong. We are affirming our long-term rating on the city of Milan at 'A+'. The negative outlook reflects the deterioration of Milan's budgetary performance and debt increase in recent years. This trend is expected to continue. MILAN (Standard & Poor's) Oct. 4, 2010-- Standard & Poor's Ratings Services said today that it had affirmed its 'A+' long-term issuer credit rating on the Italian City of Milan. The outlook is negative. "Milan's rating reflects the city's currently very strong cash holdings coupled with our expectation that liquidity...
Companies mentioned in this report are: Milan (City of)
Action: Affirmed
Milan (City of)
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