We expect a sustained solid budgetary performance for the French City of Cannes over the next two years, translating into slight debt reduction despite projected higher capital expenditure. We view Cannes' financial management as "very positive" for its credit standing. We are raising our long-term rating on Cannes to 'AA' from 'AA-'. The outlook is stable as we expect that Cannes' prudent fiscal management will allow it to maintain a sound budgetary performance in the coming two years. On Oct. 3, 2011, Standard & Poor's Ratings Services raised its long-term issuer credit rating on the French City of Cannes to 'AA' from 'AA-'. The outlook is stable. The upgrade reflects our expectation of a sustained solid budgetary performance over the...
Companies mentioned in this report are: City of Cannes
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