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Basque Country (Autonomous Community of the) Jun 11
Standard & Poors, June 2011
Abstract
Still moderate debt burden in the national context. Well-diversified and wealthy economy. Special-status region, with control over tax revenues. No visibility about stabilization of debt levels. Slow economic recovery. The rating on Spain's Autonomous Community of the Basque Country reflects Standard & Poor's Ratings Services' view of the Basque Country's highly autonomous and favorable public finance system, well-diversified and wealthy economy (with the highest regional per capita GDP in Spain), and superior financial situation relative to the sovereign and other Spanish regions. These factors explain why we rate the Basque Country above the Kingdom of Spain (AA/Negative/A-1+), in accordance with our criteria. The Basque Country's special constitutional status provides it with greater autonomy than other Spanish regions except the Autonomous...
Companies mentioned in this report are: Basque Country (Autonomous Community of the)
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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