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S&P Credit Research908 word report
published Jul 13, 2007
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S&P Credit Research
| Abstract: | The ratings on Consorcio de Transportes de Bizkaia (CTB), the Spanish city of Bilbao's public-transport authority, primarily reflect the recent improvement in the credit quality of its government owners, the Autonomous Community of the Basque Country (AAA/Stable/--) and its largest province, the Historical Territory of Bizkaia (AA/Positive/A-1+). They also acknowledge these owners' continued strong financial support for CTB, and the company's fairly strong liquidity position. The ratings are constrained by CTB's large debt burden (€345 million at year-end 2006, or 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, stable subsidies on the one hand and increasing investments and operating costs on the other. CTB is a
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Consorcio de Transportes de Bizkaia Publication date: 13-Jul-2007 Credit Rating: ##-/Positive/A-1+ Rationale The ratings on Consorcio de Transportes de Bizkaia (CTB), the Spanish city of Bilbao's...
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| Report Type: | Summary
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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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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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