Research Update: Department of Essonne Outlook Revised To Negative On Institutional And Tax Reforms; 'AA' Rating Affirmed May 10
Standard & Poors, May 2010
Abstract
Ongoing institutional and tax reform is likely to affect the revenue flexibility and dynamism of the French Department of Essonne. Operating expenditure remains rigid, inflationary, and not fully covered by state compensation. We are revising the outlook on Essonne to negative from stable and affirming our 'AA' rating. On May 7, 2010, Standard & Poor's Ratings Services revised its outlook on the French Department of Essonne to negative from stable, reflecting its view that the ongoing institutional reform is likely to negatively affect the department. At the same time, Standard & Poor's affirmed its 'AA' long-term issuer credit rating on Essonne. The rating reflects Essonne's significant investment flexibility, the quality of its financial management and its strong economy. It is...
Companies mentioned in this report are: Essonne (Department of)
Action: Affirmed
Action: Outlook: Negative
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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.
Essonne (Department of)
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