Fitch lifts Opole to positive

Fitch Ratings said it revised the Polish city of Opole’s outlook to positive from stable and affirmed its national long-term rating at BBB+(pol).

The outlook revision was due to an expectation that the city will maintain sound operating performance in 2015, in line with 2013 through 2014 levels, Fitch said, and that debt ratios will remain healthy, supported by sound management practices and a growing national economy.

The ratings reflect the city’s stable operating performance, sound debt ratios, but also its modest economy and budget, which render it vulnerable to adverse changes in the national economy, the agency said.

Fitch said it forecasts that Opole’s direct debt for 2015 through 2017 will remain at a healthy 45% of current revenue despite expected growth in nominal terms as a result of investments.

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