Fitch affirms Bydgoszcz

Fitch Ratings said it affirmed Bydgoszcz's long-term foreign- and local-currency ratings at BBB.

The outlook is stable.

Ratings reflect the city's sound operating performance, strong liquidity, active tax and tariff policy and low debt, the agency said.

Ratings also consider the economic slowdown in 2009, which may erode tax revenue and the operating performance if the city does not curtail its operating spending, the agency noted.

They also reflect the projected increase in debt and indirect risk arising from investment programs to be implemented by municipal companies, Fitch added.

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