The municipality of
posted positive operating results equivalent to 2% of operating
revenues. The municipality's consolidated results also improved in 2013
years. The stable outlook reflects the municipalityÂīs capacity to revert
the deterioration seen in 2012 and
better positioned to maintain a stable trend within its rating category
in the near to medium term.
expenditures from -9.6% in 2013. The municipalityÂīs liquidity position
remains tight but above the median Ba3 rated peers.
Debt levels as a percentage of operating revenues are expected to remain
stable at around 42% of operating revenues. Debt service costs are
estimated to reach a maximum of 4% of total revenues in 2014, a low level.
The municipal water company (JUMAPAG) exerted significant expenditure
pressures on the municipality in 2012, however we do not expect at this
stage that JUMAPAG will require similar support in the near future.
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