S&P affirms Prague ratings

Standard & Poor's said it affirmed its long-term A- and short-term A-2 issuer credit ratings on the Czech city of Prague. In addition, S&P affirmed its A-2 short-term and A- senior unsecured debt rating on the city.

The outlook on Prague is stable.

S&P said the affirmation reflects the city's wealthy and diversified economy, sound financial performance, strong liquidity position, and improving transparency and management sophistication. The ratings also reflect Prague's limited revenue flexibility, potential expenditure pressures, growing debt levels, and moderate contingent liabilities.

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