VENICE (ITALPRESS) – “The stability of revenues, mainly made up of tax revenues, combined with a strong flexibility of use, due to the fact that Veneto retains, in case of need, a wide possibility of increasing revenue by virtue of the low fiscal pressure adopted so far, added to efficient management of expenses, low debt risk and a satisfactory level of liquidity, are the elements that confirm the high financial reliability of the Veneto Region. Efficiency that is confirmed not only by the accounting judiciary, but also by the Fitch rating agency, which examined the regional accounts and gave us its rating. Veneto is rated ‘BBB’ on the financial market. However, a rating that is constrained as, according to the Agency’s regulations, it cannot exceed that of the State, which for Italy is in fact equal to BBB, otherwise our autonomous ‘stand alone’ rating would be a+”. With these words, the President of the Veneto Region, Luca Zaia, expresses satisfaction with the annual rating drawn up by FitchRatings, “one of the most important American credit rating agencies, which confirmed Veneto’s long-term BBB rating, with outlook stable; a high credit rating which certifies the regional financial reliability and budget solidity”, we read in a note.
“Translated, this means that on a financial level we are a reliable region, with our accounts in order and capable of meeting our debts. The Agency underlined the strength of the Region’s economy, with a GDP equal to 9% of the national total, made up mainly of companies belonging to the tertiary sector (64%), the important network of small and medium-sized enterprises and the strong competition of exports which constitute approximately 46% of the regional GDP – continues the Governor -. The fundamental economic indicators confirm the high competitiveness of the Region: the GDP per capita is around 37,231 euros, higher than the Italian average of 32,860 euros, and the unemployment rate stands at 4.3%, lower than the Italian average level of 7.8%. Fitch believes that the business context, together with the socio-economic characteristics of the Veneto, can support the economic and financial performance of the Region, also through the reform of reforms, which is called Autonomy”.
“In summary, Fitch also confirms that we are a virtuous regional administration and public governance demonstrates with facts that it meets development needs and expectations without increasing taxation and leaving over 1 billion euros in the pockets of the Venetians every year, from fourteen years”, concludes President Zaia.
– photo Fotogramma Agency –
(ITALPRESS).
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