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Announcement:

Moody's: Il rating Baa2 della Regione Sardegna riflette buoni fondamentali finanziari ed un indebitamento moderato

13 Aug 2015

London, 13 August 2015 -- Moody's Public Finance Europe, ("MPSE") ha pubblicato in data odierna l'aggiornamento dell'opinione creditizia per il rating Baa2, con prospettive stabili, della Regione Sardegna.

Il rating Baa2 di Sardegna riflette risultati di bilancio soddisfacenti, supportati dal regime fiscale garantito dallo statuto speciale, che attribuisce alla regione un elevato grado di autonomia finanziaria e legislativa.

L'agenzia di rating evidenzia il livello di indebitamento moderato della regione - pari al 24% delle entrate correnti nel 2014 - e atteso mantenersi stabile nel 2015, nonostante l'accordo con Cassa Depositi e Prestiti per una nuova linea di credito per finanziare il piano infrastrutturale da 700 milioni di euro varato dall'attuale amministrazione.

Moody's rileva tuttavia che l'autonomia statutaria rende il bilancio maggiormente esposto al fragile contesto socio-economico regionale, caratterizzato da una disoccupazione elevata ed in crescita, e da livelli di PIL pro-capite di circa il 23% inferiori rispetto alla media nazionale. Il rating Baa2 considera altresì le pressioni finanziarie derivanti dalla gestione del sistema sanitario regionale, che nel 2014 continua a registrare un deficit. L'attuale amministrazione tuttavia è impegnata in un'azione di contenimento dei costi e ritiene di potere raggiungere il pareggio del settore entro il 2017, nonostante le minori risorse trasferite dallo Stato.

Il rating Baa2, che colloca Sardegna nella parte alta della fascia dei rating assegnati alle regioni italiane (tra Baa1 e Ba2), riflette margini correnti più ampi per effetto della maggiore autonomia finanziaria ed un debito più basso rispetto alla mediana delle regioni italiane con rating Moody's.

Le prospettive sono stabili.

La presente pubblicazione non annuncia un'azione di rating. Per i ratings contenuti in questa pubblicazione, si rimanda alla sezione dedicata nella pagina relativa all'emittente/ente sul sito www.moodys.com per informazioni relative alle azioni di rating più recenti e per la storia di 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

David Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

Moody's: Il rating Baa2 della Regione Sardegna riflette buoni fondamentali finanziari ed un indebitamento moderato
No Related Data.
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