S&P upgrades Prague

Standard & Poor's said it raised the long-term foreign- and local-currency issuer credit ratings on the City of Prague to A+ from A.

The outlook is stable.

The short-term foreign- and local-currency issuer credit ratings were affirmed at A-1.

The upgrade follows the upgrade of the Czech Republic and evidence that the city continues to perform in line with expectations and the criteria for its A+ long-term rating, S&P said.

The ratings reflect the city's strong economic fundamentals, solid financial performance, positive liquidity situation and relatively moderate debt burden, the agency said.

Constraining factors include the evolving, but sound, institutional framework and limited future revenue growth, S&P said.

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