Fitch downgrades Malopolska

Fitch Ratings said it downgraded the Polish region of Malopolska's long-term local-currency issuer default rating to A- from A.

The outlook is stable.

The downgrades follow a similar downgrade to Poland's long-term local-currency issuer default rating, Fitch said.

The ratings on local and regional governments typically cannot be higher than the sovereign's ratings, the agency said, unless there are exceptional circumstances.

The national long-term rating also could be subject to changes following potential recalibration of the national rating scale, Fitch said.

The region also has a long-term foreign-currency issuer default rating of A- and national long-term rating of AA+(pol), the agency said.

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