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Bavaria (State of) Sep 02
Standard & Poors, Sep 2002
Abstract
The ratings on the State of Bavaria are supported by: Bavaria's continued strong budgetary performance, although this has been negatively affected by the results of the tax reform and the ongoing economic slowdown in Germany. The operating surplus amounted to 8.7% of operating revenues in 2001, and is planned at 6% in 2002. After two years of surplus, the deficit after capital spending stood at 1.8% of total revenues in 2001 and is expected to reach 7.1% in 2002; A very strong economic profile, with a high service orientation and a diversified industrial base, which helps balance the current economic downturn. Bavaria's per capita GDP stands at 131% of the EU-15 average and at 116% of the German average; Unemployment...
Companies mentioned in this report are: State of Bavaria,Bayerische Landesbank,Bayerische Landesbank U.S. Finance Inc.
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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