Summary: Rome (City of)
- ID: 1723950
- October 2010
- Standard & Poors
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on the Italian City of Rome reflect Standard & Poor's Ratings Services' assessment of the central government's (Republic of Italy; A+/Stable/A-1+) support of the city and our opinion that Rome's economy is wealthy. The ratings also reflect Rome's moderate financial flexibility, which has recently improved because of new tax-raising capabilities for the city. On a negative note, the rating is limited by increasing and rigid operating expenditure, which leads to a very tight operating performance. Also, the consolidated debt burden is high and the city's liquidity position remains modest, owing to weak operating revenue collection. In our opinion, the extent of the central government's support is now less predictable and more dependent on Rome's future financial profile and...
Companies mentioned in this report are: Rome (City of)
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