| Abstract: | On June 15, 2007, Standard&Poor's Ratings Services revised its outlook to positive from stable on Consorcio de Transportes de Bizkaia (CTB), the Spanish city of Bilbao's public-transport authority, primarily reflecting the recent improvement in the credit quality of its government owners, the Basque Country (Autonomous Community of the) (AAA/Stable/--) and the Historical Territory of Bizkaia (AA/Positive/A-1+). At the same time, the 'AA-' long-term and 'A-1+' short-term issuer credit ratings were affirmed. The ratings reflect CTB's continued strong financial support from its government owners. They are constrained, however, by the institution's large debt burden (277% of operating revenues)--although this is typical of public-transport entities with onerous investment responsibilities--and the risk associated with the mismatch between nominal and stable subsidies
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Consorcio de Transportes de Bizkaia Outlook To Positive On Owners' Improved Credit Quality Publication date: 15-Jun-2007 Rationale On June 15, 2007, Standard & Poor's Ratings Services revised...
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| Report Type: | Research Update
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| Ticker: | 1235Z@SM
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| Issuer: | Consorcio de Transportes de Bizkaia
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| GICS: | Railroads (20304010)
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| Sector: | Global Issuers, International Public Finance, Transportation
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| Country: | Spain
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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| Format: | | HTML |  |
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