Wallonie Region Funding Gap Analysis
Overview of Regional Consolidated Debt
In order to assess the credit profile of Région wallonne as a borrower, the credit rating agencies (such as
Moody's) do have a look at the so-called consolidated debt (Maastricht concept), by adding to the regional
direct debt the regional indirect debts (SEC 2010), made of guaranteed debt of the consolidated organic
companies, debt from alternative financing mechanism and financial leasing.
Direct Debt
Amortization and
balance to finance
€12bn
Regional Debt
Debt taken over by
the region
Indirect Debt
€23.2bn
Regional Consolidated
Debt (SEC 2010 Format)
Consolidated
Indirect Debt
(SEC 2010)
Wallonie
service public
SPW
FADEL/SWDE /
SPABS Debts
Guaranteed debt
from consolidated
organizations
Debt from
alternative
financing
mechanism
Financial Leasing
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