S&P affirms Krakow

Standard & Poor's said it affirmed its BBB+ long-term foreign and local currency ratings on the City of Krakow, the third-largest Polish city.

The outlook is stable.

S&P said that the ratings on Krakow reflect the commitment of the city's sophisticated management team in pursuing its prudent long-term financial policy and the city's strong and diversified economic base.

The ratings are constrained, however, by limited financial flexibility and its low debt-raising capacity, which is due to rigid nationally imposed limits, according to the agency.

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