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Bizkaia (Historical Territory of) Sep 11
Standard & Poors, Sep 2011
Abstract
Robust operating performance. High tax autonomy derived from special financing system. Export-oriented wealthy economy, with above-average proportion of industrial activities. Diversity of instruments available to manage liquidity and strong cash position. High and increasing tax-supported debt. The rating on the Historical Territory of Bizkaia, which represents over 50% of the Autonomous Community of the Basque Country's GDP, reflects Standard & Poor's Ratings Services' view of Bizkaia's robust operating performance and favorable liquidity. Our ratings also factor in the territory's significant tax autonomy, derived from its special-status financing, and its wealthy, competitive, and export-oriented economy. Bizkaia's wealth level stands at about 131% of EU-27 GDP per capita according to our estimates. Bizkaia's moderately high debt burden constrains the ratings. Moreover, planned...
Companies mentioned in this report are: Historical Territory of Bizkaia
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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