Moody's rates Kosice Aa3.sk

Moody's Investors Service said it assigned a long-term national scale rating of Aa3.sk to the Slovakian city of Kosice.

According to Moody's, the rating takes into account the city's appreciable debt burden, its improved operating performance and the recent changes to the city's financial framework.

The outlook is stable.

The agency noted that Kosice's ratio of debt to operating revenue remains significantly higher than the average for rated Slovak sub-sovereign entities, but Moody's believes that the current debt levels are manageable given the long-term maturity structure of the city's debt and a repayment schedule that does not reveal any peaks. At the end of 2005, the city's stock of direct debt was equivalent to 51% of operating revenue, down from 211% at the end of 2001.

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