Fitch affirms Ostrow

Fitch Ratings said it has affirmed the Polish Municipality of Ostrow Wielkopolski's national long-term rating at A-(pol) with stable outlook.

According to the agency, the rating reflects Ostrow's strong operating performance, moderate debt and healthy debt payback ratio. It also takes into account limited financial flexibility and revenue rising-potential and weaker wealth indicators than the national average.

The stable outlook reflects Fitch's expectations that, thanks to conservative financial management and control on current expenditure, Ostrow's operating performance will remain strong in 2009-2010, with an operating margin of about 20%, despite the recession and cuts in personal income tax rates in 2009.

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