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Champagne-Ardenne (Region of) Apr 09
Description:
Abstract
Strong though eroding self-financing capacity Significant expenditure flexibility High debt burden Gradually narrowing flexibility, stretched on the revenue side The ratings on the French Region of Champagne-Ardenne (CA) reflect its strong self-financing capacity, which officials strengthened in 2008 to moderate future borrowings. The ratings are also underpinned by the region's significant expenditure flexibility. The ratings are constrained by CA's slowly narrowing self-financing capacity and flexibility, which is stretched on the revenue side, and by its relatively high level of debt. CA's operating margin has been strong, representing on average 24.6% of operating revenues over the past three years. An 18% increase in absolute terms in the margin in 2008 stemmed from new tax hikes and from stronger control over operating...
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.
Research Type: Full Analysis
Strong though eroding self-financing capacity Significant expenditure flexibility High debt burden Gradually narrowing flexibility, stretched on the revenue side The ratings on the French Region of Champagne-Ardenne (CA) reflect its strong self-financing capacity, which officials strengthened in 2008 to moderate future borrowings. The ratings are also underpinned by the region's significant expenditure flexibility. The ratings are constrained by CA's slowly narrowing self-financing capacity and flexibility, which is stretched on the revenue side, and by its relatively high level of debt. CA's operating margin has been strong, representing on average 24.6% of operating revenues over the past three years. An 18% increase in absolute terms in the margin in 2008 stemmed from new tax hikes and from stronger control over operating...
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.
Research Type: Full Analysis
Companies Mentioned
- Champagne-Ardenne (Region of)
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