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Saxony (State of) May 11
Standard & Poors, May 2011
Abstract
Excellent budgetary performance. Conservative financial policies. Predictable and supportive institutional framework. Economic profile that is the strongest among Eastern German states. Positive liquidity situation. Limited financial flexibility. Declining population that limits economic growth and state revenues. The ratings on the German State of Saxony are based on Standard & Poor's Ratings Services' view of the state's excellent budgetary performance because, under our base-case scenario, we expect that it will achieve a surplus after capital accounts of 1% of total revenues on average over the five years 2009-2013, and a high operating surplus of 10.1% of operating revenues. We regard this budgetary performance as excellent, especially given the financial effects of the 2009 economic recession in Germany and resulting tax shortfalls....
Companies mentioned in this report are: Saxony (State of)
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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