Fitch places Lodz on watch

Fitch Ratings said it placed the City of Lodz's BBB+ foreign- and local-currency long-term ratings and AA-(pol) national long-term rating on Rating Watch negative.

The negative watch reflects the increased uncertainty about the previously expected improvement of operating performance in 2011, Fitch said, and further possible extraordinary operating expenditure pressure in 2011 relating to the likelihood of repayment of received European Union grants of €19 million.

Due to the existing pressure to increase operating expenditure in 2011, it is unlikely that the debt service-to-operating balance ratio will decline below 100% at year-end, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.