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Romanian City of Bucharest 'BB+' L-T Ratings Affirmed On Economic Development; Outlook Stable Mar 06
Standard & Poors, March 2006
MOSCOW (Standard & Poor's) March 20, 2006--Standard & Poor's Ratings Services said today it affirmed its 'BB+' long-term issuer credit rating on the Romanian capital City of Bucharest, based on sustainable economic development and the city's commitment to containing debt accumulation. The outlook is stable. "The rating on Bucharest reflects the city's high debt burden, its low financial flexibility, and the need for better transparency," said Standard & Poor's credit analyst Felix Ejgel. "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 needs restrict the city's financial flexibility and have led to rapid debt accumulation. With a -500 million bond issued in 2005, the city's direct...
Companies mentioned in this report are: Bucharest (City of)
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Bucharest (City of)