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Fitch rates Olsztyn BBB
Fitch Ratings said it assigned BBB long-term foreign- and local-currency issuer default ratings to Olsztyn.
“We assess Olsztyn’s revenue robustness as ‘Midrange’ due to stable revenue sources with revenue growth prospects being in line with national GDP growth. Tax revenue accounted for almost 40% of Olsztyn’s operating revenue in 2018, based on moderately cyclical economic activities. Personal income tax accounted for 26% of operating revenue, local taxes for 13% while the more volatile corporate income tax (CIT) at only below 2%. Current transfers accounted for almost 44% of operating revenue in 2018, with the majority being transfers from the state budget (A-/Stable),” Fitch said in a press release.
The outlook is stable.
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