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Bucharest (City of) Apr 06
Standard & Poors, April 2006
Abstract
Strategic position as the administrative, financial, cultural, and economic center of the Republic of Romania; Solid operating performance; and Steady revenue growth as a result of economic growth and expected consolidation of the city and its districts' budgets in 2008. Aggressive debt accumulation; Unfavorable debt structure with a significant bullet payment and exposure to foreign currency risk; Low financial flexibility due to national regulation of main taxes; High infrastructure needs; and Need for better transparency. The rating on Bucharest reflects the city's high debt burden, its low financial flexibility, and the need for better transparency. These constraints are mitigated by Bucharest's strategic position as Romania's capital city, its consistently sound operating balances, and steady revenue growth. The city's financial flexibility...
Companies mentioned in this report are: Bucharest (City 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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