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Birmingham City Council Oct 11
Standard & Poors, Oct 2011
Abstract
High level of systemic support, due to the 'strong and predictable' U.K. institutional framework. A positive liquidity position, supported by the access to Public Works Loan Board (PWLB). Financial management has a very positive effect on the rating. Tax-supported debt levels are expected to reach about 106% of consolidated operating revenues by 2012. Modest levels of operating surplus affected by recent reduction in government grants. Exposure to contingent liabilities may put the council under financial pressure. The 'AA+' rating with stable outlook assigned to Birmingham City Council (BCC) reflects the supportiveness of the U.K.'s institutional framework and Birmingham's positive liquidity position. We consider that the Public Works Loan Board (PWLB) supports BCC's access to liquidity under the U.K. Prudential Borrowing...
Companies mentioned in this report are: Birmingham City Council,Stockholm (City of),Barcelona (City of),Paris (City of),Stockholm County Council,Transport for London,Kensington and Chelsea (Royal Borough of),Greater London Authority,Woking Borough Council
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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