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Research Update: French City of Paris Affirmed At 'AAA' On Good Performance And Modest Debt; Outlook Stable Sep 08

  • ID: 2049661
  • September 2008
  • Region: France
  • Standard & Poors
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On Sept. 5, 2008, Standard & Poor's Ratings Services affirmed its 'AAA' long-term issuer credit rating on the French City of Paris. The outlook is stable. The rating reflects the French capital's very wealthy economy and patrimony, robust financial performance, and modest debt burden. Further support is provided by the city's broad revenue-raising potential and by the continuity in policies and management team following the 2008 elections. The rating also factors in the exposure of Paris' budgetary performance to the current downturn in real estate and job markets, and moderate borrowing needs in the future. Despite increased pressure from recently transferred responsibilities, Paris' consolidated operating margin has remained fairly stable and strong over the past four years, representing about 12%...

Companies mentioned in this report are:
- Paris (City of)

Action: Affirmed

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- Paris (City of)

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