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Basel-City (Canton of) Dec 11
Standard & Poors, Dec 2011
Abstract
Sound budgetary performance. Wealthy economy with low unemployment. Strong and highly predictable institutional framework. Substantial liquid reserves. Relatively large and increasing tax-supported debt, owing to weakening budgetary performance. Budget vulnerability to some industry and taxpayer concentrations. The ratings on the Swiss Canton of Basel-City are supported by Standard & Poor's Ratings Services' view of the canton's sound budgetary performance. This is reflected in our forecast of a sound average operating surplus of 8.8% of operating revenues over 2009-2013 and small but positive balance after capital accounts. However, we believe Basel-City's very good budgetary performance will decline slightly, given weaker economic growth than forecast in the canton's financial planning. We believe the likely cancelation of dividends from the Swiss National Bank...
Companies mentioned in this report are: Basel-City (Canton of)
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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