Summary: Champagne-Ardenne (Region of) Jun 06
Standard & Poors, June 2006
Abstract
The ratings on the Region of Champagne-Ardenne, in northeastern France, primarily reflect the region's robust operating results, above-average financial flexibility, fairly wealthy economy, and improved infrastructure. These factors are tempered by rapid debt accumulation, mostly fuelled by the region's ambitious capital program. Over the past three years, Champagne-Ardenne has kept on top of its new responsibilities, maintaining a high operating margin in absolute terms, mainly by using its above-average tax levying power. The 20% budgetary increase associated with these new responsibilities has, however, caused the region's operating margin to decrease in relative terms, to 28.2% of operating revenues in 2005, from 36% in 2003. Champagne-Ardenne is likely to maintain this robust operating margin by further tapping its fiscal flexibility, in...
Companies mentioned in this report are:
- Champagne-Ardenne (Region of)
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Champagne-Ardenne (Region of)
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