Fitch affirms Lodz

Fitch Ratings said it affirmed the city of Lodz's long-term foreign- and local-currency ratings at BBB+ and its national long-term rating at AA-(pol).

The outlook is stable.

Ratings reflect the city's developed tax base, moderate debt and satisfactory liquidity, the agency said.

Ratings also consider weakening operating performance with only moderate recovery prospects in 2011, growing debt and rising indirect debt related to municipal companies, the agency noted.

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