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Fitch affirms Kielce
Fitch Ratings said it has affirmed the Polish City of Kielce's long-term foreign and local currency ratings at BBB- with stable outlooks.
Fitch said it has also affirmed Kielce's national long-term rating at A-(pol) with a stable outlook.
The ratings are based on the city's sound operating performance, currently low debt, and the strong inflow of E.U. funds, which will help the city to finance its investments, Fitch said.
However, the ratings are constrained by the city's weak tax base, limited economic development, low operating revenue and expenditure flexibility, and by indirect risk from the municipal companies' sector, the agency noted.
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