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Announcement:

Moody's pubblica l'analisi aggiornata sulla Regione Liguria

Global Credit Research - 15 Dec 2011

Milan, December 15, 2011 -- Nella sua ultima analisi sulla Regione Liguria, Moody's Investors Service afferma che il rating A2 sul debito finanziario regionale riflette (i) i solidi risultati di bilancio, nonostante margini di parte corrente ridotti e volatili; (ii) i buoni risultati conseguiti nel risanamento dei conti in sanità; e (iii) il livello di indebitamento basso e in diminuzione. Il rating incorpora altresì la rigidità del bilancio regionale, che dovrà far fronte alle pressioni finanziarie legate al taglio dei trasferimenti statali e alla copertura dei danni causati dalle alluvioni avvenute lo scorso Novembre. La Liguria beneficia di un tessuto economico florido, nonostante un profilo demografico maturo, che potrebbe limitare la crescita dell'economia regionale e originare pressioni di spesa nel settore sanitario.

Le prospettive negative sul rating della Regione Liguria rispecchiano le prospettive negative sul rating della Repubblica Italiana.

Nonostante un calo delle entrate correnti, nel 2010 la Liguria è riuscita a raggiungere l'equilibrio di parte corrente e a limitare il fabbisogno finanziario. Dal 2011, la riduzione dei trasferimenti statali inclusa nelle manovre di consolidamento dei conti pubblici é fonte di pressione per la gestione delle principali responsabilità regionali, in particolare il trasporto pubblico e la spesa sociale. In aggiunta, ci si attente che la necessità di fronteggiare i danni causati dalle alluvioni del Novembre scorso aggiungerà pressioni finanziarie e operative sulla regione nel 2012.

La Liguria ha raggiunto gli obiettivi contenuti nel Piano di rientro per il settore sanitario concordati con il governo italiano nell'anno 2007. Dopo essersi ridotto a 95 milioni di Euro nel 2010, totalmente coperti con tasse regionali, si prevede che il disavanzo del comparto sanitario ligure rimanga al di sotto del 5% delle entrate correnti nel biennio 2011-12 grazie ad una continua razionalizzazione del sistema. Nonostante ciò, il ritardo strutturale nei trasferimenti statali continua ad alimentare pressioni di cassa nel settore sanitario.

Secondo Moody's, l'abilità della Regione nel perseguire l'equilibrio finanziario in sanità e nel gestire al meglio le risorse statali ed europee per gli investimenti sarà di fondamentale importanza al fine di preservare gli equilibri di bilancio e rispettare i limiti imposti dal Patto di Stabilità Interno.

L'esposizione debitoria complessiva della regione a fine 2010 ammontava a 560 milioni di Euro. In costante diminuzione negli ultimi tre anni, il debito diretto e indiretto - pari a circa il 15% delle entrate correnti -- è considerato relativamente basso rispetto alle altre regioni italiane. Entro la fine del 2011, ci si attende un'ulteriore riduzione dell'indebitamento regionale. L'onere per il servizio del debito, pari a circa il 2% delle entrate correnti regionali, è abbondantemente coperto dalle riserve di cassa della regione.

Con 1,6 milioni di abitanti, la Regione Liguria rappresenta il 3% della popolazione italiana. L'economia regionale contribuisce al 3% del PIL nazionale ed è caratterizzata da un livello di ricchezza pro-capite più elevato rispetto alla media italiana e da un tasso di disoccupazione pari al 6,5 % nell'anno 2010.

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

Francesco Soldi
Vice President - Senior Analyst
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
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Italy
Telephone:+39-02-9148-1100

Moody's pubblica l'analisi aggiornata sulla Regione Liguria
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