S&P ups Wroclaw view to positive

Standard & Poor's said it revised its outlook on the City of Wroclaw, in Poland, to positive from stable based on its improved budgetary performance and reduced debt.

At the same time, the BBB long-term foreign and local currency issuer credit ratings were affirmed.

S&P said the revision reflects continued improvement in the city's budgetary performance, fueled by economic growth and favorable changes in the revenue distribution system and a reduction in its debt levels. The ratings are supported by the city's sophisticated management, which is committed to further consolidating the city's financial profile and reducing the relative debt level.

The ratings are constrained by the city's still limited financial flexibility and high debt burden, S&P said.

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