Fitch upgrades Katowice

Fitch Ratings said it upgraded the Polish City of Katowice's long-term foreign-currency rating to A- from BBB+ and affirmed the long-term local-currency rating at A. The outlook is stable.

The upgrade follows the upgrade of the Republic of Poland's foreign-currency issuer default rating to A- from BBB+ and is due to the fact that the city's foreign-currency rating is constrained by the sovereign rating.

The agency said the ratings reflect Katowice's sound budgetary performance, prudent debt policy and high liquidity.

The ratings also take into account the city's rigid expenditure including education, which is its most costly expenditure item, and the health care sector's high liabilities, Fitch said.

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