Fitch affirms Miejskie Przedsiebiorstwo Komunikacyjne

Fitch Ratings said it affirmed the long-term local currency rating on Miejskie Przedsiebiorstwo Komunikacyjne - Lodz Sp. zoo's PLN 166 million secured revenue bond program at BBB-.

Miejskie Przedsiebiorstwo Komunikacyjne's revenue bond is issued for co-financing the Lodzki Tramwaj Regionalny, the agency said, noting that the rating reflects the city's strong financial support for the project and tight credit links with the city, which fully owns and controls Miejskie Przedsiebiorstwo Komunikacyjne .

Capital injections, long-term financing of Lodzki services and the bridge credit ensure low credit risk and the program's high liquidity, the agency said, adding that the rating also takes into account bondholders' security in the form of a prior claim over the project's assets and revenue.

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