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Bucharest (City of) Apr 09
Standard & Poors, April 2009
Abstract
Position as Romania's administrative, financial, cultural, and economic center, with much higher wealth levels than the rest of the country Improved revenue predictability since the 2006-2007 reform Robust operating surpluses for 2005-2008 and beyond Reduced revenue growth as a result of Romania's current economic slowdown High debt burden, with a large bullet repayment in 2015 and exposure to foreign currency risk Lack of forward-looking and risk-averse debt and liquidity policies, particularly the lack of an effective solution anticipating the 2015 bullet repayment High infrastructure requirements Obstacles to implementing key infrastructure projects Low free cash The rating on the Romanian City of Bucharest reflects Bucharest's high debt burden, low financial flexibility, lack of an effective risk adverse policy anticipating the large...
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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