L’esigenza sempre più pressante per gli enti locali di ricorrere a forme alternative di finanziamento, unitamente allo schema di regolamentazione del patrimonio emanato dal Comitato di Basilea (noto come Basilea 2) pongono la necessità di valutare se il Rendiconto degli enti locali, così come prescritto dalla normativa vigente, sia in grado di offrire le informazioni idonee a valutare la capacità di indebitamento e, in particolare, la sua solvibilità. A tal fi ne, considerate anche le modalità seguite dalle principali agenzie di rating, si propone un modello per l’analisi del cash flow ed una griglia di indicatori in grado di integrare le informazioni promananti dal rendiconto. Il modello è stato applicato a tre enti locali e si presentano i primi risultati emersi.
This research proposes a classifi cation model of the fi nancial statement of Local Governments (LGs) and a grid of ratios to support fi nancial analysts in their solvability estimates. On one side, as a consequence of their increased fi nancial autonomy, LGs show a growing need to resort to various forms of borrowing. On the other side, the Basel 2 agreement requests fi nancial institutions to carry out a thorough assessment of the solvability of all potential borrowers, including LGs. After reviewing the main domains rating agencies consider for their analyses, this paper focuses on the assessment of the fi nancial situation and debt position of LGs. The proposed reclassifi cation plan and the relevant grid of ratios have been applied to three local LGs, in order to test whether these tools could provide a thorough assessment of the fi nancial situation of any LGs.
This research proposes a classifi cation model of the fi nancial statement of Local Governments (LGs) and a grid of ratios to support fi nancial analysts in their solvability estimates. On one side, as a consequence of their increased fi nancial autonomy, LGs show a growing need to resort to various forms of borrowing. On the other side, the Basel 2 agreement requests fi nancial institutions to carry out a thorough assessment of the solvability of all potential borrowers, including LGs. After reviewing the main domains rating agencies consider for their analyses, this paper focuses on the assessment of the fi nancial situation and debt position of LGs. The proposed reclassifi cation plan and the relevant grid of ratios have been applied to three local LGs, in order to test whether these tools could provide a thorough assessment of the fi nancial situation of any LGs.
