Summary: Essonne (Department of) Mar 11

Standard & Poors, March 2011

Abstract
The rating on the French Department of Essonne reflects Standard & Poor's Ratings Services' view of the department's great capacity for budgetary adjustment in case of need and its strong rein over operating expenditure. Thanks notably to both of these factors, budgetary performance strongly improved in 2010. The rating is constrained, however, by the negative impact of institutional reform on Essonne's revenue flexibility. The rating also reflects our view of Essonne's relatively high debt burden, despite an improvement in 2010, and a lack of clarity in its capital expenditure strategy, in a context of high volatility in income from property transfer duties (PTDs). In 2010, thanks to its disciplined approach to operating expenditure and its buoyant revenues, Essonne increased its...

Companies mentioned in this report are: Essonne (Department of)
Action: Review

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Essonne (Department of)

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