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Announcement:

Moody's pubblica l'analisi aggiornata su Regione Campania

Global Credit Research - 25 Nov 2011

Milan, November 25, 2011 -- Nella sua ultima analisi su Regione Campania Moody's afferma che i rating Baa2 sull'emittente e sul debito riflettono (i) il progressivo consolidamento dei conti in sanità, principale responsabilità regionale, (ii) la volontà di esercitare un controllo più stretto sulle dinamiche di spesa e (iii) il significativo ammontare dei fondi europei a supporto degli investimenti. I rating tengono anche conto della volatile performance di bilancio che sarà messa ulteriormente sotto pressione dai tagli dei trasferimenti statali, dell'alto livello di debito e del peggioramento della posizione di liquidità. Secondo Moody's il debole contesto socio-economico rimarrà una criticità strutturale per Campania. Le prospettive di rating sono negative e rispecchiano le prospettive di rating della Repubblica Italiana.

"Il posizionamento relativo della Regione Campania nella fascia bassa dei rating delle regioni italiane riflette principalmente le continue criticità finanziarie nella sanità e l'elevato indebitamento, che alimentano pressioni di liquidità e limitano la flessibilità di bilancio" spiega Massimo Visconti, analista responsabile della Regione.

Moody's rileva una progressiva riduzione del deficit sanitario dai livelli registrati prima del 2005. Nonostante ciò, la regione non è riuscita a raggiungere l'equilibrio finanziario entro il 2009, come previsto dal piano di rientro. Il settore sanitario ha registrato nel 2010 un disavanzo di parte corrente pari a 500 milioni di Euro par al 4% delle entrate correnti regionali, che è stato quasi interamente coperto da fondi statali e regionali. "Il rispetto degli obiettivi previsti dal percorso di risanamento per il settore sanitario della Campania, resta un prerequisito per il rilascio di spettanze statali, che contribuirebbero al miglioramento della situazione di liquidità regionale" aggiunge Visconti. Moody's sottolinea che le ASL campane continuano ad avere problemi di liquidità tali da richiedere anticipazioni di cassa dalla Regione.

Il debito diretto ed indiretto della Regione è cresciuto negli ultimi anni, raggiungendo 7,8 miliardi di Euro a fine 2010, pari al 70% delle entrate correnti, il valore più alto tra le regioni italiane dopo quello del Lazio. Il debito regionale include le passività relative all'operazione So.Re.Sa per le quali la regione ha sottoscritto delegazione irrevocabile e incondizionata di pagamento. Riteniamo che questo livello di debito, insieme alla rigidità strutturale del bilancio e ai limiti sempre più stringenti del Patto di Stabilità interno, fungeranno da freno a nuovo indebitamento regionale.

Con 5,8 milioni di abitanti, la Campania é la seconda regione italiana per popolazione (10% di quella italiana). Il difficile profilo socio-economico è riflesso nel PIL pro capite del 36% inferiore alla media nazionale e rappresenta allo stesso tempo sia un limite per il potenziale uso della leva tributaria sia una fonte di pressione sulla spesa regionale.

Il rapporto su Regione Campania rappresenta un aggiornamento analitico annuale e non costituisce un'azione di rating.

Massimo Visconti
VP - Senior Credit Officer
Sub-Sovereign Group
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
Telephone:+39-02-9148-1100

David Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
Telephone:+39-02-9148-1100

Moody's pubblica l'analisi aggiornata su Regione Campania
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