• SELECT SITE CURRENCY
Select a currency for use throughout the site
Summary: Saxony (State of) May 11
Standard & Poors, May 2011
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)
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.
Saxony (State of)