City of Levallois - Fitch Research

City of Levallois

City of Levallois - Fitch Research
City of Levallois
Published Sep 25, 2017
13 pages (7531 words) — Published Sep 25, 2017
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Brief Excerpt:

...High Refinancing Needs: The City of Levallois exhibits one of the highest levels of debt among French cities (217% of current revenues in 2016), inherited from its extensive investment programme between 2007 and 2015. Debt service represents more than twice the city's operating balance and the refinancing pressure is acute with a EUR26 million bullet bond to refinance in 2022. This is partly mitigated by the short maturity of debt, which can be easily extended, and by some asset disposals. Debt Reduction to Slow: The city has reduced its debt by EUR300 million since 2012 thanks to large capital revenues worth EUR600 million. Fitch expects capital revenues to decrease faster than capital expenditures in the medium term, slowing the city's debt reduction programme. The unsustainability of capital revenue is mostly due to the high share of asset disposals (EUR200 million in 2012-2016, or 33% of capital revenue), which are by nature limited, and the completion of the large investment projects....

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Full Rating Report

Levallois, City of
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Fitch Research. "City of Levallois" Sep 25, 2017. Alacra Store. Sep 22, 2020. <>
Fitch Research. (). City of Levallois Sep 25, 2017. New York, NY: Alacra Store. Retrieved Sep 22, 2020 from <>
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