The rating on the City of Paris is based on the French capital's very wealthy economy, excellent financial performance, and modest debt burden. Paris maintained its excellent financial performance in 2001--boasting a surplus before debt repayment for the fifth consecutive year--thanks to a dynamic tax base and moderate expenditure growth. The surpluses have enabled the city to reduce debt, to 24% of operating revenues at year-end 2001 from 57% at year-end 1996; Paris is now among the least indebted European cities rated by Standard & Poor's. Capital expenditures are expected to increase significantly as of 2003, however, following the city's launch of a hefty capital-investment plan. The program includes both large-scale work, such as the construction of a tramway line...
Companies mentioned in this report are:
- Paris (City of)
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