Fitch affirms Olsztyn

Fitch Ratings said it affirmed the Polish city of Olsztyn's national long-term rating of BBB+(pol) with a stable outlook.

The rating is supported by the city's relatively low level of direct debt, with good protection ratios and low contingent liabilities, Fitch said.

However, that debt is expected to increase, the agency said, and the need to co-finance the European Union funded investments, which are positive for the local economy, will increase the pressure to borrow, further weakening the city's debt ratios, the agency said.

The rating also is constrained by weak local economy, moderate operating performance and lack of reliable financial plans, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.