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MOODY'S ASSIGNS AAA FOREIGN CURRENCY AND AA1 LOCAL CURRENCY ISSUER RATINGS TO CITY OF NAGOYA
Info-Prod Research (Middle East), November, 2007
Moody's Investors Service has assigned Aaa foreign currency and Aa1 local currency issuer ratings to City of Nagoya. The outlook for the City's rating is stable. This is the first time that Moody's has assigned a rating to City of Nagoya. The ratings are supported by the city's sound budgetary policy framework, as evidenced by strong operating margins, and a wealthy, growing economic base.
The ratings also reflect a declining debt burden afforded by favourable overall budgetary performance. The City's debt burden is average by national standards but high when compared to its international peers. An important component of the debt stems from borrowing to support its public transportation system. Moody's notes that cost cutting measures and fare adjustments have led to marked...
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