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Research Update: French City of Cannes Upgraded To 'AA' On Expected Solid Budgetary Performance And Very Positive Financial Management Oct 11 Product Image

Research Update: French City of Cannes Upgraded To 'AA' On Expected Solid Budgetary Performance And Very Positive Financial Management Oct 11

  • ID: 1928167
  • October 2011
  • Region: France
  • Standard & Poors

Abstract
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
Action: Upgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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