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Moody’s: El control de los gastos, un desafío para las regiones españolas
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    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Miercoles, 27 de Mayo en la sección: Articulos</strong>
    <h3 class="titulo_articulo">Moody’s: El control de los gastos, un desafío para las regiones españolas</h3>
    Redacción
    <p>Un informe que Moody’s Public Sector Europe acaba de publicar sobre las regiones españolas, concluye, entre otros asuntos de gran trascendencia, que el control de los gastos es un desafío para las regiones, aunque las perspectivas económicas van mejorando.</p>
    <p>Improving economic prospects will likely help</p>

<p>increase revenue generation for Spanish regions, but also raises the</p>

<p>long-term risk of expenditure deviation, says Moody's Public Sector</p>

<p>Europe in a report published today.</p>

<p> </p>

<p>Moody's Public Sector Europe is a new credit rating agency and the first</p>

<p>of its kind dedicated to the growing European public sector debt market.</p>

<p>It combines tailored service and local expertise with global reach,</p>

<p>using Moody's rigorous ratings methodologies to assign globally</p>

<p>comparable ratings.</p>

<p> </p>

<p>The report, entitled 'Spanish Regions: Controlling costs a challenge for</p>

<p>newly-elected officials as economy normalises' is now available on</p>

<p><a href="http://www.moodys.com/" target="_blank">www.moodys.com</a>. Moody's subscribers can access this report via the link</p>

<p>provided at the end of this press release.</p>

<p> </p>

<p>"The arrival of representatives in 13 Spanish regions coincides with an</p>

<p>improvement in economic conditions, a consequent increase in revenue</p>

<p>generation, and will reap the benefits of structural reforms. However,</p>

<p>the new regional administrations face pressure to increase spending on</p>

<p>healthcare, education, capital expenditure and civil service pay, which</p>

<p>could have an impact on expenditure plans," says Marisol Blazquez, the</p>

<p>Moody's analyst for Spanish regions.</p>

<p> </p>

<p>According to research by Moody's Public Sector Europe, Spain's improving</p>

<p>economic prospects will help regional fiscal consolidation. Accelerating</p>

<p>economic growth should gradually increase the regions' tax revenues and</p>

<p>central government transfers, helping them reduce deficits and debt</p>

<p>growth. The rating agency forecasts economic growth of 2.7% and 2.2% in</p>

<p>2015 and 2016, respectively.</p>

<p> </p>

<p>In addition, Spanish regions will likely benefit from receiving a higher</p>

<p>portion of shared taxes (PIT, VAT and Special taxes) under a reform of</p>

<p>the regional funding system that will take place under the next national</p>

<p>legislature, says Moody's Public Sector Europe.</p>

<p> </p>

<p>However, the rating agency expects public investment to rise again, and</p>

<p>healthcare spending to increase due to the growing elderly population and</p>

<p>increasing pharmaceutical costs as new medicines are launched. Meanwhile,</p>

<p>civil service unions are likely to push for a reversal of salary freezes</p>

<p>and job losses that took effect in the wake of the 2008 economic crisis.</p>

<p> </p>

<p>In addition, Moody's Public Sector Europe notes that based on 2015</p>

<p>initial budgets, education costs are now rising once again.</p>

<p> </p>

<p>To find out more about Moody's Public Sector Europe, please visit our new</p>

<p>webpage: <a href="http://www.moodys.com/mpse" target="_blank">www.moodys.com/mpse</a></p>

<p> </p>

<p>Moody's Public Sector Europe research is available to all Moody's research</p>

<p>subscribers.</p>

<p> </p>

<p>Subscribers can access the Executive Summary at</p>

<p> </p>

<p><a href="http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181423" target="_blank">http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181423</a></p>

<p> </p>

<p> </p>

<p> </p>

<p>Subscribers can access the Full Presentation at</p>

<p> </p>

<p><a href="http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181259" target="_blank">http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181259</a></p>
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