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02 Dec 2015
London, 02 December 2015 -- Regional and local governments (RLGs) in the Czech Republic are set to
register strong revenue growth in 2016, which will likely result
in contained debt burdens, says Moody's Public Sector Europe in
a report published today.
Moody's report, entitled "2016 Outlook - Strong
revenue growth and contained debts drive our stable outlook ,"
is available on www.moodys.com. Moody's subscribers
can access this report via the link provided at the end of this press
release. The rating agency's report is an update to the markets
and does not constitute a rating action.
"We expect that Czech RLGs' operating balances will grow by
1-3% in 2016, helped by a favourable macroeconomic
environment. Growth in operating expenditure is unlikely to exceed
revenue growth thanks to a combination of tight cost controls and low
inflation," says Katerina Hanzlova, an analyst at Moody's.
Particularly shared taxes (58% and 36% of cities and regions'
operating revenue respectively in 2014) will support RLGs' operating
revenues, with cities and regions benefiting from the fine-tuning
of the shared tax redistribution mechanism, according to Moody's.
As a result, Czech RLGs' financial performance will remain
sound in spite of their high level of spending of capital expenditure,
particularly for cities. The rating agency projects that cities
and regions will achieve a financial surplus of 1-2% of
total revenues in 2016.
Operating balances are the largest source of capex funding, with
EU funds covering 44% of capex for regions and 31% for cities.
Czech RLGs' direct debt level, which has fallen since 2014,
is likely to stabilize in 2016 at around 30% of operating revenue
for cities, and 20% for regions, Moody's forecast
shows. Sector debt is relatively low at 3% of national GDP
and 7% of central government debt.
The rating agency does not expect refinancing risks as the debt structure
is dominated by long-term amortising bank loans. Moderate-to-high
cash reserves cover most of these RLGs' direct debt exposure,
and current liquidity levels are not expected to significantly deteriorate
in the medium term.
Subscribers can access the report at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_186153.
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Moody's: Czech regional and local governments set to register strong revenue growth in 2016
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