Revenue stabilityconsisting mainly of tax revenues, combined with a strong flexibility of use, since Veneto retains, in case of need, awide possibility of increase in revenue thanks to the low tax pressure adopted so far, together with efficient management of expenses, to a low debt risk and to a satisfactory level of liquidityare the elements that confirm the high financial reliability of the Veneto Region. This efficiency is attested not only by the accounting judiciary, but also byFitch rating agency, which examined the regional accounts and assigned the rating. Veneto, therefore, in the financial panorama, is placed with a rating ‘BBB’. This rating is however constrained, since, according to the Agency’s regulations, it cannot exceed that of the State, which for Italy is precisely BBB, otherwise our autonomous ‘stand alone’ rating would be A+.
With these words, the President of the Veneto Region expresses satisfaction for the annual judgment drawn up by FitchRatingsone of the most important American credit rating agencies, which confirmed the Veneto BBB long-term rating, with stable outlook; a high credit rating which certifies thefinancial reliability regional and budgetary soundness.
“Translated, this means that financially we are one reliable region, with accounts in order and capable of meeting debts. The Agency underlined the strength ofeconomy of the regionwith a GDP equal to 9% of the national totalmade up mainly of companies from the tertiary sector (64%)the significant network of small and medium-sized enterprises and the strong contribution of exports which represent approximately the 46% of the regional GDP – continues the Governor -. The fundamental economic indicators confirm the high competitiveness of the Region: the Pro-capite GDP it’s about 37,231 euroshigher than the Italian average of 32,860 euros, and the unemployment rate stands at 4.3%, lower than the national average of 7.8%. Fitch believes that the business context, together with the socio-economic characteristics of 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 the public governance demonstrates with facts that it can satisfy development needs and expectations without increasing taxation and leaving it in the pockets of the Venetians over 1 billion euros every year for fourteen years” – concludes the President.
