French Department Of Essonne's 'AA' Rating Affirming; Outlook Remains Negative On Unclear Budget And Investment Strategy Feb 11

Standard & Poors, February 2011

Abstract
PARIS (Standard & Poor's) Feb. 16, 2011--Standard & Poor's Ratings Services today affirmed its 'AA' long-term issuer credit rating on France's Department of Essonne (Essonne) as well as on its -1 billion euro medium term notes (EMTN) program. The outlook is negative. "The rating reflects our view of Essonne's great capacity for budgetary adjustment and its strong rein over operating expenditure, both of which saw a strong improvement in budgetary performance in 2010," Standard & Poor's credit analyst Mehdi Fadli said. The rating is constrained, however, by the negative impact of institutional reform on its revenue flexibility. It also reflects our view of its relatively high debt burden, despite an improvement in 2010, and a lack of clarity in its...

Companies mentioned in this report are: Essonne (Department of)
Action: Affirmed
Action: Outlook: Negative

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Essonne (Department of)

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