The French Region of Champagne-Ardenne will likely adjust its capital expenditure program as of this year, in our view. We believe that it will post a deficit after capital accounts below 3% of total revenues until 2014. We are affirming our 'AA-/A-1+' long- and short-term ratings on Champagne-Ardenne. The stable outlook reflects our belief that the region's tax-supported debt burden will remain moderate between now and 2014. On June 17, 2011, Standard & Poor's Ratings Services affirmed its 'AA-' long-term and 'A-1+' short-term issuer credit ratings on France's Region of Champagne-Ardenne. The outlook is stable. The ratings reflect our view of Champagne-Ardenne's moderate tax-supported debt and prudent debt management. They also take into account its important capital expenditure flexibility and...
Companies mentioned in this report are:
- Champagne-Ardenne (Region of)
Action: Outlook: Stable
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