Fitch lowers Koleje Mazowieckie view to negative

Fitch Ratings said it revised the outlook on Koleje Mazowieckie - KM sp zoo's long-term ratings to negative from stable.

The agency also said it affirmed the long-term foreign-currency rating at BBB-, long-term local-currency rating at BBB and national long-term rating at A+(pol).

Fitch also said it affirmed the long-term foreign-currency rating of BBB- to finance subsidiary Koleje Mazowieckie Finance AB's €100 million senior unsecured notes.

The outlook revision follows the revision of the outlook on the Polish Region of Mazowieckie to negative from stable, Fitch said.

The company's ratings reflect its strategic importance to the region, the agency said. The regional transport company is 100% owned by the region and is heavily dependent on the region, which appoints its management board and approves financial and investment plans, Fitch said.

The ratings also consider the expected increase in the company's gearing to fund large capital expenditure in 2013 through 2015, the agency said, and foreign-exchange and refinancing risk of the €100 million notes in 2016.

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