Fitch affirms Plock

Fitch Ratings said it affirmed the city of Plock's foreign- and local-currency long-term ratings at BBB+, respectively, and national long-term rating at AA-(pol).

Fitch assigned a local-currency long-term rating of BBB+ and national long-term rating at AA-(pol) to the city's PLN 80 million senior bond issue with an amortizing repayment profile and maturing in 2020.

The outlook is stable.

Ratings reflect the Plock's good operating performance despite its weakening in 2009-2010, healthy debt servicing and debt coverage ratio, and high tax revenue, due to its well-developed local economy, the agency said.

Ratings take into account the lack of diversification in the city's tax base and projected increase of debt following the high investment expenditure, the agency noted.

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