State of Parana - Fitch Research

State of Parana

State of Parana - Fitch Research
State of Parana
Published Nov 13, 2019
11 pages (5581 words) — Published Nov 13, 2019
Price US$ 550.00  |  Buy this Report Now

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Brief Excerpt:

...IDR Aligned with Sovereign's: The State of Parana's Issuer Default Rating (IDR) (BB¡/Stable) is derived from its Standalone Credit Profile (SCP) of `b+' and is a one-notch upgrade, reflecting a high proportion of intergovernmental loans treated as central government support. Parana's SCP reflects its weak risk profile and debt sustainability consistent with an `a' rating. The SCP also factors in the positioning of rated peers. Fitch Ratings does not assess any asymmetric risk for Parana. Issuer Profile Summary: As a Type B local and regional government (LRG) entity, Parana is required to cover debt service from annual cash flows. Parana accounts for roughly 6% of the Brazilian population. Its main sources of revenue are taxes and transfers from the federal government. Education, healthcare and law enforcement are the state's main spending responsibilities. Parana has the legal right to borrow in the domestic and foreign credit markets, subject to federal government approval. Manageable...

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Full Rating Report

Parana, State of
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Fitch Research. "State of Parana" Nov 13, 2019. Alacra Store. Dec 09, 2019. <>
Fitch Research. (2019). State of Parana Nov 13, 2019. New York, NY: Alacra Store. Retrieved Dec 09, 2019 from <>
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