S&P affirms Lodz

Standard & Poor's said it affirmed the BBB+ long-term issuer credit rating on the city of Lodz.

The outlook is stable.

The affirmation reflects Lodz's continued sound budgetary performance and debt burden, S&P said.

The rating reflects the average institutional framework for local governments in Poland, as well as the city's sound, though weakening, budgetary performance, moderate debt burden and substantial European Union co-funding, the agency said.

The rating is constrained by the city's weak liquidity, structurally poor budgetary flexibility and a large investment pipeline that is increasingly debt-financed by municipal companies, S&P said.

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