The Vice-President of the Government of the Azores expressed his satisfaction with the new rating assigned by Moody's financial agency, noting that the upgrading of the Region's rating confirms the "strength and balance" of regional public finances.
"In fact, this improvement of the "Region's rating evidences and confirms what we have been always saying about the strength and balance of regional public finances, which is now acknowledged by this international rating agency," said Sérgio Ávila.
The new rating assigns the Azores the maximum rating level that an Autonomous Region can hold in comparison with the country, according to Moody's rules. It represents "a positive evolution towards the improvement of the Region's rating over the last years," said the government official.
In this context, it represents the reinforcement of confidence and international certification of the situation of public finances in the Azores, being also "a contribution to further promote the access to funding by the Region as well as by all regional public and private entities," stressed Sérgio Ávila.
Considering that the upgrading of the country's rating last week gave rise to a widespread recognition and satisfaction at national level, the government official hopes that "regional entities do the same regarding the recently announced rating for the Region."
"This improvement in the classification of the Region is a further recognition of the sustainable and balanced situation of regional public finances," reiterated the Vice-President.
Hence, the situation of regional public finances in the Azores "has been consecutively confirmed by all national and international entities with competence in the matter," Sérgio Ávila said, expecting a further rise in the Azores' rating next year.