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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

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Rating Action:

MPSE assigns Baa1 a first-time issuer and debt ratings to the Autonomous region of Valle d'Aosta

06 May 2016

London, 06 May 2016 -- Moody's Public Sector Europe (Moody's) has today assigned a first-time long-term issuer and debt ratings of Baa1 to the Valle d'Aosta, Autonomous Region of (Valle d'Aosta). The outlook is stable. Moody's has also assigned a short-term P-2 issuer rating.

RATINGS RATIONALE

Today's assignment of the Baa1 ratings reflects Valle d'Aosta's (1) long-established autonomous status that provides a high degree of financial autonomy and budgetary flexibility; (2) overall solid finances and low debt thanks to prudent management; (3) a small but very wealthy economy by European standards.

Valle d'Aosta is rated one notch above the Italian Government (Baa2/Stable), which is rare in Moody's sub-sovereign rated universe.

The region's autonomous status allows it to retain all fiscal revenues generated and collected in its territory. Although this creates a strong correlation with the local economy, it also gives the region much greater budgetary flexibility than ordinary Italian regions. This additional flexibility is partly offset by annual spending limits agreed by the region and the Ministry of Finance as part of Italy's national budgetary consolidation efforts. The management of Valle d'Aosta has always maintained a positive dialogue with the Italian government, contributing to national consolidation programme. Indeed, Valle d'Aosta's fiscal consolidation efforts sharply reduced the region's capex during 2011-15. Moody's considers the region's budgetary consolidation programme as manageable and we expect Valle d'Aosta to preserve its solid finances and its traditional high standards of services.

In 2011-15 Valle d'Aosta achieved a solid average operating margin of 14.3% of revenues which we expect to be overall preserved in the next two years. The region has maintained a higher gross operating balance than its peers, despite the national abolition of import duty and a reduction of excise duties on beer and energy. Thanks to an efficient spending review Valle d'Aosta succeeded to match expenses to available revenues without recurring to its fiscal flexibility. Valle d'Aosta`s financial flexibility is greater than national peers as it could increase personal income tax, corporate tax, and hydroelectricity license revenues. All regional services, and in particular regional healthcare are in equilibrium thanks to the substantial level of resources provided by the region and very prudent spending policies.

Valle d'Aosta's net direct and indirect debt is relatively stable and overall moderate compared to peers at 26.4% of operating revenues on average between 2011-15. Since 2013, the regional debts have been managed by Finaosta S.p.A. (not-rated), an arms-length financial institution fully owned by the region which operates as a holding company for the region's subsidiaries. We expect Finaosta S.p.A.'s debt to marginally increase in 2016 bringing thus the region's net direct and indirect debt to 28.4% of latest reported operating revenues. The total debt is still very manageable since the interest payments as a percentage of operating revenues account for a low 1.4%.

Valle d'Aosta is a small region in northwestern Italy with GDP per-capita equivalent to 144% of the national average, the second-highest of any Italian region. Valle d'Aosta's GDP contracted by 2.5% in 2007-14, well below the 9% decline in national GDP over the same period. In 2015, the region's GDP amounted to about EUR4.8 billion, most of it generated by the service sector.

RATIONALE FOR THE STABLE OUTLOOK

The rating outlook is stable.

WHAT COULD CHANGE THE RATING -- UP

A strengthening of Italy's sovereign credit profile would likely lead to an upgrade of Valle d'Aosta's rating. Structural improvement of operating margins toward 30% of operating revenues, combined reducing debt levels would be credit positive.

WHAT COULD CHANGE THE RATING -- DOWN

A downgrade of Italy's sovereign rating would lead to a downgrade of Valle d'Aosta's rating. Although highly unlikely given the constitutional framework, any alteration of the region's autonomous status could also prompt a negative rating change.

The specific economic indicators, as required by EU regulation, are not available for this entity. The following national economic indicators are relevant to the sovereign rating, which was used as an input to this credit rating action.

Sovereign Issuer: Italy, Government of

GDP per capita (PPP basis, US$): 35,708 (2015 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 0.8% (2015 Actual) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.1% (2015 Actual)

Gen. Gov. Financial Balance/GDP: -2.6% (2015 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: 2.2% (2015 Actual) (also known as External Balance)

External debt/GDP: [not available]

Level of economic development: Very High level of economic resilience

Default history: No default events (on bonds or loans) have been recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On 22 April 2016, a rating committee was called to discuss the rating of the Valle d'Aosta, Autonomous Region of. The main points raised during the discussion were: the issuer's economic fundamentals, including its economic strength; the issuer's institutional strength/ framework; the issuer's governance and/or management; the issuer's fiscal or financial strength, including its debt profile.

The principal methodology used in these ratings was Regional and Local Governments published in January 2013. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Francesco Zambon
Analyst
Sub-Sovereign Group
Moody's Investors Service EMEA Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Mauro Crisafulli
Associate Managing Director
Sub-Sovereign Group
Telephone:+39-02-9148-1100

Releasing Office:
Moody's Investors Service EMEA Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

MPSE assigns Baa1 a first-time issuer and debt ratings to the Autonomous region of Valle d'Aosta
No Related Data.
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Moody’s Public Sector Europe is the trading name of Moody’s Investors Service EMEA Limited, a company incorporated in England with registered number 8922701 that operates as part of the Moody’s Investors Service division of the Moody’s group of companies.​​​
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