Fitch lifts ZKM Gdansk

Fitch Ratings said it upgraded Zaklad Komunikacji Miejskiej w Gdansku Sp. zoo’s (ZKM Gdansk) long-term local-currency issuer default rating to BBB from BBB- and its national long-term rating to A+(pol) from A(pol).

The outlook is stable.

Fitch also upgraded the long-term local-currency ratings on the company’s 220 million in Polish zloty tram revenue bond and 60 million in Polish zloty bus revenue bond to BBB+ from BBB and national long-term ratings to AA-(pol) from A+(pol).

The upgrades follow the recent upgrade of the long-term foreign- and local-currency issuer default ratings of the Polish city of Gdansk, the company’s sole owner, Fitch said.

The one-notch differential between the revenue bond programs and the city of Gdansk’s ratings reflects the lack of an explicit guarantee for the bonds issued by the city, the agency said.

However, a support agreement links their ratings to those of the city, Fitch said.

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