S&P affirms Olomouc

Standard & Poor's said it affirmed its A- long-term and A-2 short-term issuer credit ratings on the Czech City of Olomouc.

The outlook is stable.

The agency said that the ratings on Olomouc reflect the city's sound budgetary performance, prudent debt management and sound economic prospects.

They are, however, constrained by the city's limited revenue flexibility and low wealth levels compared with national and E.U. averages, the agency added.

Olomouc was able to sustain operating surpluses of 40% of operating revenue in 2005 and over the next few years, surpluses are expected to stay sound, owing to strict cost control and tax-revenue dynamism, the agency said.

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