Drew et.al.,(2016) suggested that the local government faced the problems of financialsustainability where reformation of financial data was in need. Hence factoranalysis were applied to financial ratio’s, Financial flexibilitylike operating ratio and Own Source Operating Revenue ratio, Cash expense,Unrestricted Current, Debt Service Cover and Interest Cover ratios and AssetRenewal and Capital Works like Infrastructure Backlog, Asset Maintenance, AssetRenewal and Capital Expenditure ratios, were summarised as a single financial sustainabilityassessment ranging through ‘very weak’, ‘weak’, ‘moderate’, ‘sound’, ‘strong’to ‘very strong’. All these ratio’s were done with regression analysis andfound the correlation between the ratio’s with the latent factors like population size, numberof employing businesses and population density would be statisticallysignificant regressors for econometric models employing the dominant factorloadings as regressands.

It was found that three  major latent factors driving the observedfinancial  sustainability ratios whichprompted the reform process in the first place. Another important finding wasthat the three factors – scale anddensity, legacy and management competency acts independently. Deborah magliozzi(2017) done an empirical research study that analyses the economic andfinancial aspects of national telecom operators in Europe through theconstruction of appropriate financial strategic maps profitability map permarket share, Financial autonomy map, Capital expenditure cover map, Currentmap, Liquidity mar for Telecom Italia (Italy),British Telecom (U.K.), France Telecom (France), Deutsche Telekom (Germany),KPN (Holland), Telefonica de Espana (Spain) and Portugal Telecom (Portugal).Financial analysis of the operators were done using regression and maps wereformulated where the standard regression equation were done to identify theuniformity and standard deviation of all the operators in each and everyfinancial aspects like current assets, liabilities, etc., 


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