April 20, 2014

Fitch Affirms Catalonia at ‘BB’

(The following statement was released by the rating agency) BARCELONA, January 13 (Fitch) Fitch Ratings has affirmed the Autonomous Community of Catalonia’s (Catalonia) Long Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB’ with Negative Outlooks. moncler jackets outlet Fitch has also affirmed the Short Term Foreign Currency IDR at ‘B’. The ratings on the senior unsecured outstanding bonds have been affirmed at ‘BB’. The affirmation reflects the ongoing liquidity Discount Moncler Coats support cheap moncler jackets that Fitch assumes will be provided through the Regional Liquidity Fund (FLA) to support Catalonia’s debt obligations moncler coats for men in 2017. The ratings also reflect protracted political uncertainty stemming from the evolving relationship between the executives of Spain and Catalonia. The Negative Outlook reflects the political risks the region faces over the next couple of years. Potential outcomes of ongoing political tensions could be an abrupt separation from Spain or the withdrawal of state support over the medium term, specifically in light on the potential vote on Catalonia’s independence scheduled in September 2017 according to the regional government’s agenda. KEY RATING DRIVERS Political Tension Continues Political uncertainty continues to prevail over moncler outlets uk the region and the ruling party Junts Pel discount moncler outlet Si (JxS, centre right wing), with support of CUP, a far left wing party, is pushing to hold a vote on Catalonia’s independence in September 2017. In addition, as the 2017 budget has yet to be approved by the regional parliament moncler outlet kids and after a failure to enforce the 2016 budget, the region may again roll over 2015’s moncler coats for kids budget. JxSi has stated that if no parliamentary approval is given to the 2017 budget, new elections might be called during 2017. At the national level, the newly elected executive in October 2016 is, in Fitch’s view, keen to make progress on its moncler outlet ny discussion with the Catalonian regional government over the latter’s funding and public investment policies without compromising Spain’s constitutional integrity. Uncertainty over Catalonia since the regional government pushed for independence has weakened the institutional relationship with the central government, and Fitch as a result suspended its ‘BBB ‘ Support Rating Floor for Catalonia in November 2015. In Fitch’s cheap moncler jackets wholesale view, The September 2017 vote, if it takes place, and its outcome will define the framework for Catalonia’s relationship moncler outlet canada with the central government over the medium term. Debt Redemption Supported Fitch is monitoring the assistance the central government is providing Catalonia through the FLA in the region’s redemption of EUR5,466m long term debt in 2017. The servicing of debt on a timely basis by the FLA is key to Catalonia’s ‘BB’ Long Term IDR. moncler jacket online An additional EUR4,429m in short term debt will fall due in 2017, which will be rolled over by moncler jackets cheap Catalonia under the oversight of the Ministry of Finance and Civil Service (MinHap). Fitch believes MinHap’s monitoring and the coverage of these maturities by FLA as a last resort mitigate the liquidity risk. Catalonia is a major recipient of state liquidity support, and received EUR10bn from the FLA in 2016 so that borrowing from the central government amounted to EUR51bn, or 75% of Catalonia’s estimated total debt on the same date. Fitch estimates Catalonia will borrow at least EUR7.5bn from the FLA in 2017. Weak Performance, Expected Improvement Catalonia’s budgetary performance has been weak, with negative current balances since 2009. The region’s 2015 results showed a Moncler Outlet negative current margin of 21.6%, which was below Fitch’s expectations. However, we expect moncler jackets on sale an improvement of the region’s budgetary performance in 2016, due to an additional EUR2bn inflow stemming from higher financial system allocations and a positive settlement from 2014, and a lower debt burden. Higher self collected taxes, fostered by the economic recovery, are also expected to moncler jackets mens have contributed to the improvement. Fitch moncler outlet location base case scenario forecasts Catalonia will post a negative current margin below 10% in 2016. Overall, Fitch base case scenario estimates a fiscal deficit close to 1% in 2016, a significant improvement from 2015’s 2.7% deficit, but still in breach of the 0.7% deficit goal. Fitch expects Catalonia to continue improving its budgetary performance in 2017, driven by enhanced operating revenues, but volatile performance is possible given the region’s recent budgetary track record. We expect debt growth to slow slightly on the back of higher revenues, with debt representing around 300% of current revenue at end 2016, down from 310% in 2015. Regional Economy Growing Catalonia has an above average cheap moncler jackets outlet economic profile and sees faster growth than the national economy. Nominal GDP grew 3.9% against 3.8% nationally in 2015, and the unemployment cheap moncler coats for women rate was 14.6% in 3Q16, versus 18.9% in Spain. Moreover, the number of registered workers in Catalonia increased 4% yoy as of end November 2016, versus 3% nationwide. Although the economic recovery has not been affected by the current political uncertainty, unilateral independence of Catalonia is likely to result in economic shock. RATING SENSITIVITIES Fitch will continue to monitor developments in Catalonia, in particular a potential referendum moncler coats cheap on independence, and will take negative rating action if state liquidity support weakens as a result. If the political relationship with the central government returns to normal, Fitch will reinstate the Support Rating Floor of ‘BBB ‘ for Catalonia. KEY ASSUMPTIONS moncler outlet online Fitch assumes that the region will continue to have access to state support for debt servicing over the medium term. 18 Apr 2016) here Additional Disclosures Dodd Frank Rating Information Disclosure Form here _id=1017546 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope cheap moncler of the third party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre existing third party verifications such as audit reports, agreed upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an moncler outlet mall enhanced factual investigation nor any third party verification can ensure that all of the information Fitch relies on in connection with moncler jackets outlet online a womens moncler jackets rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch discount moncler jackets and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch moncler jackets for women must rely on the work of experts, including independent auditors with respect to financial statements and attorneys moncler outlets usa with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward looking and embody assumptions and predictions about future events that by moncler outlet usa their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings moncler coats outlet and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this Official Moncler Outlet report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating moncler jackets men does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. Individuals identified in a Fitch report were involved in, but moncler coats for women are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report moncler outlet providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not moncler chicago a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular moncler jackets kids investor, or the tax exempt nature or taxability of payments made in respect to any security. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.

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