Fitch affirms Koleje Mazowieckie

Fitch Ratings said it affirmed Koleje Mazowieckie - KM sp z oo's long-term foreign-currency rating at BBB-, long-term local-currency rating at BBB and national long-term rating at A+(pol) and the long-term foreign currency rating on Koleje Mazowieckie Finance AB's €100 million of senior notes at BBB-.

The outlook is stable.

The agency said the ratings take into account Koleje Mazowieckie's strong dependency on its owner, the Region of Mazowieckie, in terms of management, financing and strategy as well as the stable and regular revenue stream and reasonable profit ensured by the 15-year contract with the Region of Mazowieckie.

The ratings factor in high debt-financed capex and refinancing risk resulting from the €100 million of notes and reflect political interference in Koleje Mazowieckie's management, Fitch said.

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