Summary: Saxony (State of) May 11
Standard & Poors, May 2011
Abstract
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. We further expect that Saxony will be able to continue to reduce its moderately high tax-supported debt burden, which we estimate at about 75% of operating revenues in 2011. Saxony has the lowest tax-supported debt ratio...
Companies mentioned in this report are: Saxony (State of)
Action: Review
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Saxony (State of)
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