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Fitch Ratings has revised the City of Katowice’s outlook to stable from positive and affirmed the City’s long-term foreign and local currency ratings at „A-”. Fitch has also affirmed the City’s national long-term rating at „AA+(pol)” with a stable outlook.

Key rating drivers
The rating action follows the revision of the Outlook on Poland’s long-term foreign and local currency Issuer Default Ratings (IDRs)

Fitch Ratings has revised the Katowice’s outlook to positive from stable and affirmed the City’s long-term foreign and local currency rating at “A-“. Fitch has also affirmed the City’s national long-term rating at “AA+(pol)” with a stable outlook.

The rating action follows the recent revision of the outlook on Poland’s long-term foreign and local currency Issuer Default Ratings (IDRs) to positive from stable, as the City of Katowice’s long-term foreign currency rating is constrained by the sovereign rating.

Fitch Ratings has affirmed the Katowice’s long-term foreign and local currency ratings at “A-“ and assigned a national long-term rating of “AA+(pol)”. All ratings have stable outlooks.

The affirmation and “AA+(pol)” national rating reflects Katowice’s continued good, albeit declining operating performance, high liquidity buffer, which supports debt servicing, a wealthy …

Fitch Ratings has affirmed the City of Katowice’s long-term foreign and local currency ratings at “A-“ with stable outlook. The same note was given to the City last year.

The City of Katowice’s ratings reflect its sound budgetary performance, high liquidity position, strong self-financing capacity, low, albeit increasing, debt and strong debt coverage. The ratings also take into account the dynamic growth of opex, mainly due to the growing rigid spending, projected high capital expenditure of about PLN 2 billion by 2014