Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Enter the above code here:
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Announcement:

Moody's pubblica l'analisi aggiornata su Regione Puglia

Global Credit Research - 25 Nov 2011

Milan, November 25, 2011 -- Nella sua ultima analisi su Regione Puglia, Moody's Investors Service afferma che il rating A3 sul debito finanziario regionale riflette (i) i risultati di bilancio adeguati, (ii) i consistenti finanziamenti pubblici dall'Unione Europea e dallo stato per investimenti; e (iii) il livello di indebitamento moderato e in diminuzione. Il rating incorpora altresì le criticità derivanti dal settore sanitario, sebbene queste siano attese ridursi con l'introduzione delle misure previste nel piano di rientro, il fragile contesto socio-economico ed una certa esposizione a pressioni finanziarie fuori bilancio.

Le prospettive negative sul rating di Regione Puglia sono una diretta conseguenza delle prospettive negative assegnate al rating della Repubblica Italiana.

Secondo l'analisi di Moody's, la performance di bilancio della regione evidenzia margini correnti tradizionalmente ridotti ed ampi avanzi di parte capitale, sostenuti dai trasferimenti statali e comunitari per investimenti, che hanno determinato negli anni un basso fabbisogno finanziario e di conseguenza una significativa riduzione del debito.

In un contesto caratterizzato, come nel caso delle altre regioni ordinarie, da una spesa corrente rigida e dall'esposizione alle dinamiche di cassa dei trasferimenti statali, si prevede che le recenti manovre di consolidamento dei conti pubblici nazionali aumenteranno le pressioni sul bilancio corrente della regione, con una riduzione dei trasferimenti statali pari a circa il 4% annuo delle entrate correnti regionali nel 2011 e nel 2012.

L'adozione di un piano di rientro per la sanità concordato a fine 2010 con il governo dovrebbe garantire una razionalizzazione del comparto sanitario regionale e condurre ad una progressiva riduzione del disavanzo, che nel 2010 era pari al 4,6% delle entrate del settore. Il piano prevede una riduzione del disavanzo sanitario all'1% delle entrate entro il 2012, obiettivo che Moody's considera realizzabile. Con la definizione del piano di rientro la Regione Puglia dovrebbe ricevere circa 730 milioni di Euro in trasferimenti statali. Ciò consentirebbe di continuare nella riduzione dei ritardi nei pagamenti verso i fornitori, processo che ha già mostrato risultati apprezzabili con il passaggio a circa 300 giorni di ritardo nel 2011 rispetto ai 400 del 2009.

A fine 2010 l'esposizione debitoria complessiva della regione ammontava a 2,3 miliardi di Euro. In costante diminuzione dal 2004, il debito diretto e indiretto - pari a circa il 27% delle entrate correnti -- è considerato moderato rispetto alle altre regioni italiane. Entro la fine del 2011, il debito diretto e indiretto è atteso ridursi ulteriormente in termini assoluti a circa 2 miliardi di Euro. La regione non ha rilevanti esposizioni fuori bilancio, fatta eccezione per il debito finanziario della società Acquedotto Pugliese che a fine 2010 era pari all'11% delle entrate regionali.

A livello di governance, l'attuale amministrazione ha dimostrato un impegno significativo nel rafforzare la disciplina di bilancio attraverso controlli più stringenti sulla spesa, in particolare quella sanitaria. L'obiettivo rimane il rispetto del piano di rientro per assicurare benefici strutturali in termini di tenuta del bilancio.

La Regione Puglia, con 4 milioni di abitanti, rappresenta il 7% della popolazione italiana. L'economia regionale contribuisce al 4,5% del PIL nazionale, con un livello di ricchezza pro-capite più basso rispetto alla media italiana di circa il 33%.

Il rapporto su Regione Puglia costituisce un aggiornamento analitico annuale e non rappresenta 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 Puglia
No Related Data.

 

© 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

 


ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable, including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

 


MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

 


For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for retail clients to make any investment decision based on MOODY'S credit rating. If in doubt you should contact your financial or other professional adviser.

© 2013 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.
Regional Sites: