Fitch affirms Wroclaw

Fitch Ratings said it affirmed the Polish City of Wroclaw's long-term foreign and local currency ratings at A- with stable outlooks.

Wroclaw's ratings reflect its sound operating performance, decrease in debt in the last three years, a local economy attractive to investors and high quality financial and strategic management, the agency said.

However, the agency said that the ratings also take into account strong pressure on capital expenditure until 2013, which will cause direct and indirect debt increases.

The city's operating performance is solid, with the operating balance representing 14% of operating revenue in 2007, which fully covered debt servicing requirements, Fitch noted.

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