Fitch ups Gliwice to positive

Fitch Ratings said it changed the Polish city of Gliwice's outlooks to positive from stable and affirmed its long-term foreign- and local-currency ratings at BBB and long-term national rating at A(pol).

The outlook revision reflects expectations that Gliwice's strong operating performance will be maintained in the medium term, Fitch said, and despite the expected debt growth from the current low level, the debt coverage and debt service ratio will remain moderate.

The ratings reflect its strong strategic and financial management and wealthy local economy in the national context, which translates into a strong tax base and high tax revenue for the city's budget, Fitch said.

It also takes into account the negative impact that the recent economic slowdown has had on Gliwice's income tax revenue over the past two years and persisting pressure on operating expenditure, especially in the educational sector, the agency said.

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