S&P rates Ostrava notes A-

Standard & Poor's assigned its A- long-term senior unsecured debt rating to the proposed €100 million notes maturing in 2014 to be issued by the Czech City of Ostrava (A-/stable/A-2).

"The proceeds of the notes will be used for capital investments in public utilities and transport infrastructure," said S&P credit analyst Dimitri Popov.

S&P said the ratings on Ostrava are supported by the city's prudent management, expected inflow of investments, sound financial performance and above-average liquidity. They are constrained by the city's limited revenue flexibility, high unemployment and considerable concentration in heavy industry.

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