Osaka City government's domestic bonds due 2012 assigned 'Aa1' rating - Moody's |
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Published
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Wed, 17 Oct 2007 09:04
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has assigned an 'Aa1' rating to Osaka City Government's Series 8 10 bln yen, 1.35 pct bonds due 2012 with a stable outlook.Moody's said the rating reflects a stable national operating environment for local and regional governments and a protective institutional framework and the high cost of Osaka City's government services.The ratings incorporates the highest likelihood of support from national institutions should Osaka near a default situation, the ratings agency said.It also incorporates, a low likelihood that, if the central government were to apply unorthodox measures to address fiscal difficulties, such measures might be extended to local government local currency bonds, Moody's said.TFN.newsdesk@thomson.comndi/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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