Fitch affirms Malopolska

Fitch Ratings said it affirmed the Region of Malopolska's foreign- and local-currency long-term ratings at A- and national long-term rating at AA(pol). All ratings have stable outlooks.

The agency said the ratings reflect the region's good operating performance, which has recovered after weaker results in 2010 and which Fitch expects to stabilize in the medium term, and the region's growing but still moderate debt level, healthy debt service and debt coverage ratios and adequate liquidity.

The ratings also consider indirect risk relating to regional health-care entities, which may require financial support from Malopolska in the medium term, and the expected growth of the region's spending on railway services in the medium term, Fitch said.

The agency expects Malopolska's debt to grow and approach 500 million Polish zloty in 2012 from 440 million zloty in 2011 and then level out at about 60% of current revenue in 2013-2014.

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