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Hesse (State of) Jul 10
Standard & Poors, July 2010
Abstract
Wealthy and diversified economy. Stable system of intergovernmental relations. One of the major donor states to the German fiscal equalization system. Weakening budgetary performance and constrained fiscal flexibility. Rising debt trend and sizable unfunded pension obligations. The ratings on the German State of Hesse reflect the state's wealthy economy, the stable and very predictable system of intergovernmental relations in Germany, and the state's donor position in the German fiscal equalization system. The ratings are constrained by Hesse's weakening budgetary performance, low fiscal flexibility, and its rising debt trend. The ratings on Hesse profit from its very wealthy economy, one of the wealthiest among German states--and well above average EU-27 levels. In addition, Standard & Poor's Ratings Services' ratings on German...
Companies mentioned in this report are: Hesse (State of),Landesbank Hessen-Thueringen Girozentrale
Action: Review
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: Full Analysis
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