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Bavaria (State of) Apr 10
Standard & Poors, April 2010
Abstract
Conservative management committed to limiting net new borrowing. Excellent access to liquidity. Well-above-German-average tax revenues and status as large contributor to Germany's tax-equalization system. Wealthy and diversified regional economy with low unemployment. Moderately high debt burden and sizable unfunded pension obligations. High contingent liabilities. The ratings on the German State of Bavaria are supported by the conservative fiscal policies of Bavaria's management and its strong commitment to limiting net new borrowing. The state's excellent access to liquidity, even during the peak of the financial turmoil in 2009, in particular through the well-developed and liquid German government bond market, is a further rating support. Moreover, the state has a tax-generating capacity well above the German average and is a large contributor...
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
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