|
|
 |
|
Viewing report
|
|
|
|
Bavaria (State of) Oct 03
Standard & Poors, Oct 2003
Abstract
The ratings on the State of Bavaria, located in southern Germany, are supported by the: Very strong economy, which helps balance the current economic downturn. Bavaria's per capita GDP is 27% above the EU-15 average and 17% above the German average. The 6% unemployment rate in 2002 was the second lowest in Germany; Continued strong budgetary performance. Bavaria's operating surplus reached 5% of operating revenues in 2002, despite the negative effect of a national tax reform and adverse economic conditions in Germany. The deficit after capital spending stood at 5.6% of total revenues in 2002, a level that the state expects to repeat in 2003. Bavaria's fiscal flexibility is limited by the German tax system, as all tax rates are...
Companies mentioned in this report are: State of Bavaria,Bayerische Landesbank
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
|
|
|
|
