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French Local Government Ratings Boosted by Strengthening Credit Quality Nov 01 Product Image

French Local Government Ratings Boosted by Strengthening Credit Quality Nov 01

  • Published: November 2001
  • Region: France
  • Standard & Poors

FEATURED COMPANIES

  • City of Avignon
  • Department of Haut-Rhin
  • Essonne (Department of)
  • Ile-de-France (Region of)
  • Marne (Department of)
  • Meuse (Department of)
  • MORE

Abstract
In the past 15 months, Standard & Poor's European Public Finance group has raised its ratings or revised to positive from stable its outlook on numerous French local governments (FLGs) (see table 1 below). These rating actions reflect structural as well as cyclical improvements--in particular, the steady and strong improvement in FLGs' financial performance since 1997. While some of these factors may weaken slightly in the coming years, Standard & Poor's expects the creditworthiness of FLGs to remain strong, even in a weaker economic climate. FLGs are characterized by significant tax flexibility compared with their European peers, as illustrated by the large share of own-source revenues in their budgets. In particular, FLGs' tax revenues represented 55% of operating revenues in...

Companies mentioned in this report are:
- Societe Nationale des Chemins de Fer Francais
- Essonne (Department of)
- Meuse (Department of)
- Department of Haut-Rhin
- Seine-et-Marne (Department of)
- Hauts de Seine (Department of)
- Lille Metropole Communaute Urbaine
- Paris (City of)
- Region of Lorraine
- Ile-de-France (Region of)
- Boulogne-Billancourt READ MORE >

- Societe Nationale des Chemins de Fer Francais
- Essonne (Department of)
- Meuse (Department of)
- Department of Haut-Rhin
- Seine-et-Marne (Department of)
- Hauts de Seine (Department of)
- Lille Metropole Communaute Urbaine
- Paris (City of)
- Region of Lorraine
- Ile-de-France (Region of)
- Boulogne-Billancourt (City of)
- Marne (Department of)
- City of Avignon

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