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Bucharest (City of) Dec 10
Standard & Poors, Dec 2010
Abstract
Position as Romania's administrative, financial, cultural, and economic center. Higher wealth levels than the rest of the country, albeit low in an international context. Substantial operating surpluses. Large bullet repayment in 2015 and exposure to foreign exchange risk. Lack of forward-looking and risk-averse debt and liquidity policies, particularly the absence of an effective solution to bond repayment in 2015. Uncertain systemic support. Expenditure pressures from weak municipal companies. Limited free cash. The ratings on the Romanian City of Bucharest reflect Standard & Poor's Ratings Services' assessment of the city's low financial flexibility and predictability, projected economic sluggishness through to the 2013 forecast horizon, expenditure pressures from municipal companies RADET and RATB, and high payables from RADET. We consider these constraints...
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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