Fitch: Kielce view down to negative

Fitch Ratings said it changed the Polish city of Kielce's outlook to negative from stable. Its long-term foreign- and local-currency ratings were affirmed at BBB- and the national long-term rating at A-(pol).

The outlook revision reflects deterioration in the city's operating performance in 2009, Fitch said, and strong pressure to raise debt to finance capital expenditure.

It also reflects a tough 2010 budget with growing debt and weakening debt coverage ratios and high pressure on operating expenditure, the agency said.

The ratings also factor in some financial flexibility in increasing revenue from local taxes and cutting operating spending, Fitch added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.