Fitch lifts Plock outlook to positive

Fitch Ratings said it changed the Polish City of Plock's outlook to positive from stable and affirmed its national long-term rating at A+(pol).

The positive outlook reflects Fitch's expectations that Plock's operating performance will remain sound: operating margins are anticipated to remain at around 20% and budgetary deficits at about 6% to 8% of total revenue, which will enable the city to maintain healthy debt ratios.

The agency said the A+(pol) rating reflects Plock's stable operating performance, high and growing tax revenues, developing economy and sound debt ratios.

The rating also takes into account potential liabilities from the health care sector, which is being restructured; the city's rigid spending in education and social care; and the city's economic and tax concentration in the chemical sector, specifically PKN Orlen, Fitch said.

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