Fitch lowers Mazowieckie

Fitch Ratings said it downgraded the region of Mazowieckie's long-term foreign-currency issuer default rating to BBB from BBB+.

The long-term local-currency issuer default rating also was downgraded to BBB+ from A- and long-term national rating to A+(pol) from AA(pol).

The outlook is negative.

Fitch also said it downgraded the long-term foreign-currency rating on its €50 million and €32 million bonds to BBB from BBB+.

The downgrade is due to the region's weak budgetary performance, stressed liquidity and high debt, the agency said.

The negative outlook considers the region's limited flexibility to restore operating performance and debt-coverage ratios in the medium term, Fitch said.

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