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Fitch lifts ZKM to positive
Fitch Ratings said it revised the outlook on Zaklad Komunikacji Miejskiej w Gdansku Sp zoo’s (ZKM) to positive from stable.
Fitch also said it affirmed the long-term local-currency issuer default rating at BBB and national long-term rating at A+(pol).
Fitch also said it affirmed the long-term local-currency ratings on the company’s 220 million in Polish zloty tram-revenue bonds and 60 million in Polish zloty bus-revenue bonds at BBB+, along with their national long-term ratings at AA-(pol).
The outlook revision follows the recent revision of outlook on the Polish city of Gdansk, the company’s sole owner, the agency explained.
In Fitch’s view, ZKM and its revenue bonds remain credit-linked with Gdansk.
The company and its revenue bonds may be upgraded if the city’s ratings are upgraded, the agency added.
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