Fitch affirms Warsaw

Fitch Ratings said it affirmed the Polish City of Warsaw's national long-term rating at AAA(pol) with a stable outlook.

Fitch also said it affirmed the national long-term rating of the city's PLN 4 billion bond program and all bonds issued under it at AAA(pol).

The ratings reflect the city's high liquidity buffer, which supports debt service, wealthy and diversified economy and tax base and projected moderate growth of the city's debt in 2012 to 2014, Fitch said.

The rating takes also into account weaker operating performance in relation to its peers following the city's limited steps towards curbing operational expenditure growth, the agency said, as well as further growth of the city's indirect debt.

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