Spanish Autonomous Community of Valencia Downgraded To 'BBB-/A-3' On Weaker Access To External Funding; Watch Negative Dec 11

Standard & Poors, December 2011

Abstract
In our view, the Spanish Autonomous Community of Valencia (Valencia) has undergone what we view as difficulties in placing a retail bond to secure external funding. In accordance with our criteria for rating local and regional governments, we are lowering our long- and short-term ratings on Valencia to 'BBB-/A-3' from 'A-/A-2', and placing them on CreditWatch negative. The CreditWatch placement reflects our limited visibility on the likely evolution of Valencia's liquidity position and the region's plan to cover its large funding needs in 2012. MADRID (Standard & Poor's) Dec. 19, 2011--Standard & Poor's Ratings Services said today that it lowered its long- and short-term issuer credit ratings on the Spanish Autonomous Community of Valencia (Valencia) to 'BBB-/A-3' from 'A-/A-2'. At...

Companies mentioned in this report are: Valencia (Autonomous Community of),Instituto Valenciano de Finanzas
Action: Downgraded
Action: On CreditWatch:Negative

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Valencia (Autonomous Community of),Instituto Valenciano de Finanzas

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