Fitch affirms Szczecin

Fitch Ratings said it affirmed the polish city of Szczecin's long-term foreign currency and local currency ratings at BBB and its short-term rating of F3.

The outlook is stable.

Fitch said the ratings reflect the improving local economy, increasing diversification of tax base, intended control over the operating expenditure and the cost rationalization programs in some areas of the city's responsibilities. The ratings also take into account deteriorating budgetary performance and the pressure on debt growth resulting from an ambitious investment plan and a need to restructure and rationalize expenditure in education.

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