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S&P Credit Research957 word report
published Aug 25, 2008
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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 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+/Stable/A-1+). They also acknowledge these owners' continued strong financial support for CTB. The ratings are constrained by CTB's heavy debt burden (€332 million at year-end 2007, or 257% of operating revenues)--although this is typical of public-transport entities with onerous investment responsibilities. Also, the ratings factor in the risk associated with an eventual revenue-expenditure mismatch, which may arise from static, nonadjusted-to-inflation subsidies confronting mounting operating costs and hefty amortizations in the future. CTB is a public-policy-based institution that provides
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Consorcio de Transportes de Bizkaia Publication date: 25-Aug-2008 Primary Credit Analyst: Lorenzo Pareja, Madrid (34) 91-389-6962; lorenzo_pareja@standardandpoors.com Secondary Credit Analyst:...
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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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