LEVALLOIS DE + EN + ENDETTEE !!! : MERCI Patrick BALKANY !!!
Levalloisiennes, Levalloisiens : attendez-vous à des années sombres avec augmentation des impôts locaux.
La Ville lumière n'est plus !!! les strass : c'est terminé, retour au pain noir !
la réalité :
2) Dégringolade de la Côtation FITCH
FITCH PLACE LA VILLE DE LEVALLOIS SOUS SURVEILLANCE
PRESS RELEASE: Fitch Affirms French City of Levallois At A-
|Wednesday January 21st, 2009 / 16h24|
| Fitch Ratings-London/Paris-21 January 2009: Fitch Ratings has today affirmed the City of Levallois' Long-term foreign and local currency ratings at 'A-'(A minus), and Short-term foreign currency rating at 'F2'. All the ratings are removed from Rating Watch Negative (RWN). A Stable Outlook has been assigned. |
The resolution of the RWN reflects reduced refinancing risk on the city's commercial paper programme and removal of any legal risk on the main land development project (LDP).
The city decided in December 2008 to replace progressively maturing CPs with medium-term (MT) loans. This will allow the city to fully repay the outstanding CPs (EUR110m as of 20 January 2009) thus removing the short-term refinancing risk at a time when liquidity conditions are tight. However, the city continues to face a concentrated debt amortisation profile over the next four years.
Fitch notes that SEMARELP, the city's 80%-owned company, has reached a firm commitment on the sale of the main land development project's construction rights. However, an amendment to the sale agreement exposes SEMARELP to a potential loss of earnings capped at EUR66m given real estate market conditions once the towers' expected construction is completed in 2012. The construction rights proceeds will allow SEMARELP to repay the city's cash advances. Fitch will monitor the progress of the cash advance repayments against the city's MT debt redemption profile.
Levallois has 62,500 inhabitants and is the sixth-largest city in the Department of Hauts-de-Seine, neighbouring Paris. It has traditional municipal responsibilities, including the construction and maintenance of primary schools, child care, town planning, social housing, culture and sport facilities.
Contact: David Diano, Paris, Tel: + (33) 1 44 29 91 79.
Media Relations: Francoise Alos, Paris, Tel: +33 1 44 29 91 22, Email: firstname.lastname@example.org; Peter Fitzpatrick, London, Tel: + 44 (0)20 7417 4364, Email: email@example.com.
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|Wednesday January 21st, 2009 / 16h24||Source : Dowjones Business News|