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Bavaria (State of) Jan 06
Standard & Poors, Jan 2006
Abstract
Strong commitment to further improving budgetary performance; Moderate debt burden; Donor to the supportive tax equalization system; and Strong economy. Rising pension obligations. The ratings on the State of Bavaria, located in Germany, are underpinned by its strong commitment to improving its financial performance, with a goal of zero net new borrowing by 2006, which Standard & Poor's Ratings Services considers to be achievable. Bavaria has had an operating surplus of 4.2% of operating revenues over the past three years, and declining deficits after capital expenditure. In an international comparison, Bavaria has a moderate debt burden, budgeted to reach 80% of operating revenues at year-end 2005, which is low for a German state. Furthermore, the state profits from the strong...
Companies mentioned in this report are: State of Bavaria,Bayerische Landesbank,Bayerische Landesbank U.S. Finance Inc.,MKB Bank ZRT (Unsolicited Ratings)
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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