Fitch lifts Gdansk

Fitch Ratings said it has upgraded the Polish City of Gdansk's long-term foreign and local currency issuer default ratings to A- from BBB+ and its national long-term rating to AA(pol) from AA-(pol).

All have stable outlooks.

The upgrade reflects Gdansk's continued sound operating performance and prudent financial management, which together with high capital revenue, supports a strong self-financing capacity for its investment plans, the agency noted.

The upgrade factors in also the stabilization of direct risk below 50% of current revenue, despite projected high capital spending.

Fitch added that Gdansk used its cash reserves in 2014 to repay before maturity PLN 50 million of high-interest-bearing bonds. The city plans to prepay a further PLN 83 million of expensive debt in 2015.

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