Fitch: Katowice to positive

Fitch Ratings said it revised the Polish city of Katowice's outlook to positive from stable and affirmed the city's long-term foreign- and local-currency rating at A-.

Fitch also affirmed the city's national long-term rating at AA+(pol).

The outlook is stable.

The outlook revision follows the recent revision of the outlook on Poland to positive from stable.

The city's ratings are constrained by the sovereign rating, the agency said.

The ratings reflect Katowice's continued solid, albeit declining operating performance with operating balance totaling 152.4 million in Polish zloty, which is 11.6% of operating revenue in 2012, Fitch said.

The ratings also incorporate a wealthy economy and tax base and high liquidity buffer, which support debt servicing, the agency said. The ratings also consider the projected moderate growth of the city's direct and indirect debt in 2013 to 2015, Fitch added.

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