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Announcement:

Moody's: Czech regions supported by higher operating revenues and sustained growth

 The document has been translated in other languages

21 Apr 2017

Note: On July 07, 2017, the press release was corrected as follows: the location for the first contact was updated to “Moody's Investors Service EMEA Limited Czech Branch.” Revised release follows.

London, 21 April 2017 -- Czech regions' credit profiles are supported by higher operating revenues, sustained economic growth, more efficient tax collection and low debt levels, Moody's Public Sector Europe said in a report today.

The report, "Regional Governments - Czech Republic: Revenue Growth Bolsters Ability to Finance Infrastructure and Leverage EU Funds", is now available on www.moodys.com. Moody's subscribers can access this report via the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.

"Czech regions recorded a 15.7% annual increase in shared tax revenue in 2016 - the strongest growth for 10 years," said Katerina Hanzlova, a Moody's Analyst and the report's co-author. "The increase in tax revenues, together with so far declining debt levels, is bolstering the regions' budgetary flexibility, as well as their ability to self-fund bigger infrastructure projects and use European Union subsidies more effectively in the future."

The increase in shared-tax revenue will lead to a significant improvement in self-funding and capacity to service debt. We expect the gross operating balance to almost double by 2018 to 13% of operating revenues compared to the 2009-15 average of 7%.

The improved financial position will enable the regions to plan a higher volume of infrastructure investments and therefore will apply for a higher share of EU funds. Moody's expects an increase in regional governments' self-funding capacity to boost the sector's capital spending, which might get close to 20% of total expenditure beyond 2017 from an average of 14% in 2007-16.

Moody's believes the regions will continue to use debt as an affordable source of funding for infrastructure, especially for the purpose of providing bridge-financing for projects receiving EU subsidies. Consequently the sector's debt, which is currently at a low 13% of operating revenue, will increase, but is not likely to exceed a contained 20% in medium term.

Czech regions' debt levels compare very favourably with Czech cities and other regional and local governments (RLGs) in Central and Eastern Europe, which have mostly moderate debt levels.

Subscribers can access the report at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1066504.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Katerina Hanzlova
Analyst
Sub-Sovereign Group
Moody's Investors Service EMEA Limited Czech Branch
Washingtonova 17
110 00 Praha 1 (Prague 1)
Prague,
Czech Republic
Telephone: +420-22-422-2929

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

No Related Data.
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