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Auvergne (Region of) Jan 12
Standard & Poors, Jan 2012
Abstract
'Predictable and well-balanced' institutional framework. Clear financial strategy. High operating margins. Limited off-balance-sheet liabilities. Revenue flexibility and buoyancy hampered by state reforms from 2011. High debt, which is largely structured and exposes the region to growing financial charges. The ratings on France's Region of Auvergne reflect our view of the 'predictable and well-balanced' institutional framework for French regions, Auvergne's clear financial strategy, high operating margins, and very limited contingent liabilities. The ratings are constrained by the region's restricted revenue flexibility and buoyancy from 2011, following the French government's recent abolition of the business tax, and by its high debt and exposure to structured debt instruments, despite some reduction to such exposure from 2011. Auvergne posted a very high operating margin...
Companies mentioned in this report are: Auvergne (Region 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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