Fitch rates Olsztyn

Fitch Ratings said it assigned long-term foreign- and local-currency ratings of BB+ to the Polish city of Olsztyn.

The agency also said it affirmed the city's national long-term rating at BBB+(pol).

The outlook is stable.

The ratings reflect its satisfactory debt service and debt coverage ratios, moderate indirect risk and high European Union grants aimed at an infrastructure upgrade, which should support development of the city's economy, Fitch said.

The ratings also consider the persisting high pressure on the city's operating expenditure, resulting in its relatively weak operating performance and the expected growth of the city's debt, the agency said.

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