Fitch upgrades Gdansk

Fitch Ratings said it upgraded the Polish City of Gdansk's national long-term rating to AAA(pol) from AA+(pol).

The agency also said it affirmed the city's long-term foreign- and local-currency issuer default ratings at A-.

The outlook is stable.

The upgrades reflect a view that Gdansk's operating margin and debt ratios will remain in line with AAA(pol) peers over the medium term, Fitch said.

The ratings are based on the city's sound operating performance, as well as strong debt service and debt payback ratios, the agency said.

The ratings also consider Gdansk's solid strategic and financial management, which supports its strong self-financing capacity of investment plans, Fitch said.

This will be underpinned by the city's continued cost control measures and tax revenue increase, supported by the projected growth of the national economy, the agency said.

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