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Bucharest (City of) Jul 07
Standard & Poors, July 2007
Abstract
Strategic position as Romania's administrative, financial, cultural, and economic center. Consistently solid operating performance, albeit deteriorating. Steady revenue growth. High debt burden with a large bullet repayment and exposure to foreign currency risk. Need to enhance debt and liquidity management. Low financial flexibility. Some uncertainty about overall future contingent liabilities exposure. Obstacles in implementing key infrastructure projects. The rating reflects the City of Bucharest's high debt burden, its need to enhance both debt and liquidity management, its low financial flexibility, and the obstacles in implementing key infrastructure projects. These constraints are mitigated by Bucharest's strategic position as Romania's capital city, its consistently sound operating balances, and steady revenue growth. High infrastructure requirements have repeatedly burdened Bucharest's financial position, translating into...
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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