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Bavaria (State of) Dec 04
Standard & Poors, Dec 2004
Abstract
Strong economy; Sound budgetary performance; Moderate debt burden; and System support. Fiscal flexibility is limited by the German tax system, as all tax rates are set at the national level. The ratings on the State of Bavaria, located in southern Germany, are supported by Bavaria's very strong economy, with GDP per capita at 123% of the EU-15 average and 16% above the German average, and its low unemployment rates of 6.9% in 2003. The state enjoys a continuously strong budgetary performance: it posted a 3.5% operating surplus in 2003, despite tax shortfalls in Germany and negative growth rates. The deficit after capital expenditures remained moderate. Bavaria has a moderate debt burden by international standards, amounting to 72.6% of operating revenues...
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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