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MOODY'S ASSIGNS AAA FOREIGN CURRENCY AND AA1 LOCAL CURRENCY ISSUER RATINGS TO JAPAN'S NIIGATA PREFECTURE
Info-Prod Research (Middle East), October, 2007
Moody's Investors Service has assigned Aaaforeign currency and Aa1 local currency issuer ratings to NiigataPrefecture. The outlook for the prefecture's ratings is stable. This isthe first time that Moody's has assigned a rating to Niigata Prefecture. The ratings reflect sound operating margins, some rigidity on both therevenue and expenditure sides of the budget, coupled with a debt burdenthat is average compared to other Japanese prefectures but high byinternational standards.
Niigata's debt burden has continued to rise in recent years as theprefecture had to undertake several reconstruction projects followingnatural disasters. Moody's notes however that the debt servicing costsassociated with these projects will benefit from central governmentsubsidies. The prefecture's...
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