S&P lifts Krakow to stable

S&P said it revised the outlook on the Polish city of Krakow to stable from negative and affirmed its BBB+ long-term issuer credit rating.

Krakow’s sovereign ratings are subject to certain publication restrictions and a set calendar with deviations to the schedule only allowed in limited circumstances and with detailed explanations.

In the case of Krakow, the deviation has been caused by the revision of the outlook on the Republic of Poland to stable from negative Dec. 2, S&P said.

The stable outlook follows the similar revision on Poland’s outlook to stable, the agency said.

The city’s long-term rating also reflects the BBB+ long-term foreign-currency sovereign credit rating on Poland as Krakow does not meet the criteria for a local government to be rated higher than the sovereign, S&P said.

Krakow's stand-alone credit profile is A-, reflecting a view of the evolving, but balanced, institutional framework under which Polish cities operate, the agency said.

Krakow benefits from its relatively wealthy economy and satisfactory financial management, S&P said.

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