Fitch affirms Lodz

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

The outlook is negative.

The actions reflect the consideration that the EU Commission's repayment request of about PLN 100 million of EU grants may be receding as the city was compliant with Polish rules on tenders, according to the agency.

The negative outlook takes into account Lodz's weak, albeit recovering, operating performance and debt ratios in 2010-2011, the agency said.

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