DBRS Morningstar believes that the fiscal and market environment has already been
Understand that a debt remove would accelerate its departure to the markets
They will surely remember it. In the first bars of the great financial crisis, struck by the collapse of the millionaire fiscal resources provided by the bubble of the real estate sector and that from one year to the next they volatilized, many autonomic governments launched themselves … Capital markets to try to capture funding with debt emissions in a little viewed until then. One of the most active then was the Generalitat of Catalonia, from whose environment the expression of patriotic bonds was coined as a strategy to attract the small more nationalist roots to contribute to the support of Catalan finances.
The result is known. The crisis dried the coffers of the Generalitat, and the rest of the autonomous communities, so that they did not even have money to return the very high profitability promised to investors and it was the state that had to go to the rescue to prevent a handful of Autonomous communities did not fall into the non -payment and bankruptcy. The consequences of that situation have arrived practically intact until today when the autonomous communities still owe more than 170,000 million euros to the State for the financing received from 2012 until this year, when there are still half dozens of regional governments that will need the financing of the financing of the financing of the State to cover your financing needs.
According to the estimate made by the agency of Rating Dbrs Morningstar, the fourth most important in the market after the three large ones, S&P, Moody’s and Fitch, the autonomous communities will need this year to cover a financing needs of 41,5 billion euros, of which barely 4.6 billion will be covered as debt emissions; 7,900 million will be covered with bank financing; and the remaining 70%, about 29,000 million euros, will be covered with debt emissions made by the State.
With this scenario on the table, the qualification agency has circulated on Monday its annual report on the financing needs of the Spanish autonomous communities in which it concludes that the current market conditions and the fiscal situation of the autonomous communities already allow These can get rid of state financing and Start finance on your own markets with your own debt emissions.
(((There will be extension)))
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