City of Levallois - Fitch Research

City of Levallois

City of Levallois - Fitch Research
City of Levallois
Published Jan 26, 2009
3 pages (4597 words) — Published Jan 26, 2009
Price US$ 300.00  |  Buy this Report Now

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Brief Excerpt:

...The ratings downgrade to A\01 from AA\01 on 11 December 2008 reflected the City of Levallois difficulties in refinancing its outstanding commercial paper (CP) due to worsened liquidity market conditions. As a consequence, the city decided to replace progressively maturing CPs by medium\01term (MT) loans: by mid\01February 2009, outstanding CP will be fully repaid, reducing refinancing risk. On the main land development project (LDP), legal risk has been removed as there is now a formal agreement with the buyer. However, an amendment to the contract provides for a compensation grant from SEMARELP, the 80% city\01 owned company managing LDPs, to the buyer linked to the evolution of the real estate market. Levallois solvency in the MT is dependent on the repayment by SEMARELP of the city s cash advances. Fitch Ratings will monitor whether cash advances repayments match the MT debt\01redemption profile. The ratings...

  
Report Type:

Credit Update

Company(ies)
Issuer
Levallois, City of
Format:
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MLA:
Fitch Research. "City of Levallois" Jan 26, 2009. Alacra Store. Sep 22, 2020. <http://www.alacrastore.com/fitch-credit-research/City-of-Levallois-422586_report_frame>
  
APA:
Fitch Research. (). City of Levallois Jan 26, 2009. New York, NY: Alacra Store. Retrieved Sep 22, 2020 from <http://www.alacrastore.com/fitch-credit-research/City-of-Levallois-422586_report_frame>
  
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