Paris (City of) Jan 11
Standard & Poors, January 2011
Abstract
Very wealthy economy. Strong revenue flexibility. Sophisticated management. Extremely strong liquidity position. Sizable capital program. Shrinking self-financing capacity. Uncertainties on the possible medium-term evolution of institutions and the financing system. The ratings on the City of Paris reflect Standard & Poor's Ratings Services' view of its very wealthy economy and patrimony, strong financing capacity, and still moderate debt burden, despite gradual growth. The city's broad revenue-raising potential, its increasingly sophisticated management, and its conservative financial guidelines provide additional rating support. The ratings also factor in Paris' sizable capital spending program and its narrowing self-financing capacity, which depends increasingly on effective cost control and exceptional asset sales. Paris' consolidated 2009 operating margin increased to 8% of operating revenues from 6.6% in...
Companies mentioned in this report are:
- Paris (City 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
- Paris (City of)
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