Fitch rates Warsaw bonds AAA(pol)

Fitch Ratings said it assigned the City of Warsaw's 300 million Polish zloty of bonds due Oct. 25, 2017 a final national long-term rating of AAA(pol).

The fixed-interest bonds, with a coupon rate of 5.35%, have been issued under the city's 4 billion zloty bond program. The coupons on the issue will be paid annually, the agency said.

Warsaw's long-term rating of AAA(pol) reflects the city's wealthy local economy, strong tax base and high liquidity, which underpins healthy debt ratios, Fitch said.

The rating also reflects an expectation of an improvement in the city's operating performance in 2010-2011, the agency said.

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