Fitch: Koszalin view negative

Fitch Ratings said it revised the City of Koszalin's outlook to negative from stable and affirmed its national long-term rating at BBB-(pol).

The agency said the outlook change reflects the city's weak operating performance in 2010-2011 resulting from the higher than originally budgeted increase in operating expenditure and a significant increase in debt. The rating could be downgraded if the city fails to improve its operating balance and the operating balance is insufficient to cover interest expenses.

The BBB-(pol) rating is supported by the city's satisfactory liquidity and diversified but still weak economy, Fitch said.

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