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North Rhine-Westphalia (State of) May 10
Standard & Poors, May 2010
Abstract
Commitment to stabilize budgetary performance. Highly supportive German tax equalization system. Outstanding access to liquidity. Large and highly diversified economy with high wealth levels and stable unemployment rates. Weak budgetary performance. Still very high debt. High contingent liabilities, owing to the restructuring needs of financial institutions. The ratings on the German state of North Rhine-Westphalia (NRW) are supported by Standard & Poor's Ratings Services' view of NRW's commitment to stabilizing its budgetary performance after a significant drawback in 2009, when the deficit after capital expenditures rose to 12.2% of total revenues. This commitment is based on the legal requirement for German states to structurally balance their budgets by 2020, which we believe provides a long-term incentive to improve budgetary performance....
Companies mentioned in this report are: North Rhine-Westphalia (State of),NRW.BANK
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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