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Ponta Delgada ,  November 26, 2008

Conceição Palace

International agency guarantees health of the regional finances

The rhythm of economical growth registered in the Azores guarantees to the Region capacity to guarantee the fulfilment of its financial responsibilities.

The affirmation makes part of a report of financial notation now publicised by one of the main international agencies of the specialty, the Moody's.

In the document, the Azores are classified by the Aa3 rating, classification that corresponds to the best fourth position in a list of 21.

According to the Moody's, the Region reveals a position with future perspectives of great stability, overcoming, for the first time, Madeira.

Besides the financial capacity of the Region for the effective fulfilment of the undertaken responsibilities, the agency emphasizes the execution by the Government, in the last years, of an "ambitious" investments program, financed by effective revenues and expressed in the real increase of work posts and in the convergence with the standards of national growth and of the European Union.

The report of the Moddy's demonstrates, still, that the Azores maintain a stable trajectory, with an obvious minimization of the risks inherent in the instability of the international markets that is seen today.

For the vice president of the Government, the good classification of the regional public finances at the international level “confirms the stability and consolidation of the regional public finances, constituting one more creator of trust for the Azorean families and enterprises”.

In spite of the current moment of crisis that is lived in most of the financial markets there are, in the Region, no reasons for alarm, being possible to guarantee that the Government has conditions “to assume effectively all the planned promises and investments”, it added Sérgio Ávila.

The vice president of the Executive equally considered that the international recognition is so more important and significant when it appears “as part of the great instability in the financial international markets, to which has been corresponding a decrease in the rating generalized of the evaluated entities”.

As he explained, the good evaluation of the finances of the Region appears associated to “a significant improvement that is due to the increase of the external transfers through the new Regional Finances Law and of the new Community Support Framework, to the increase of the own revenues of the Region, to the reduction of current expenses, to the good management of the public straight debt, to the reduction of the concession of guarantees (on the contrary of what it has been registered in Madeira) and to the consolidation of the public business sector”.
 


GaCS/AP/SAS
 
 
 
 
 
   
 

Official government press-releases presented in all foreign languages interfaces of the Azorean Government Portal (Portal do Governo dos Açores) are a sub-set of the government's official press-releases daily output and are chosen for translation and publication on the foreign language interfaces based on audience segmentation criteria. The entire collection of the Azorean government press-releases is available in portuguese, here, from the GACS Press Office site.

 
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