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Published on 7/23/2008 in the Prospect News Emerging Markets Daily.

Fitch affirms Rybnik

Fitch Ratings said it affirmed the Polish city of Rybnik's national long-term rating at A(pol).

The outlook is stable.

The rating reflects Rybnik's solid operating performance, moderate debt burden, prudent debt policy and low indirect risk, Fitch said

The rating also takes into account the potential high pressure to increase debt to pay for its ambitious investment program, the agency said, and tax changes that may negatively impact the city's operating performance.


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