S&P lowers Lodz to negative

Standard & Poor’s said it revised the outlook on the Polish city of Lodz to negative.

The agency also said it affirmed the BBB+ rating on the city.

As a sovereign rating, the ratings on Lodz are subject to certain publication restrictions, but the agency said it deviated from the planned calendar due to the recent downgrade of the foreign-currency rating and outlook on Poland.

A local- or regional-government can be rated higher than its sovereign only if S&P considers that it exhibits certain characteristics, the agency said.

S&P said it does not currently consider Lodz to meet those conditions, so it cannot be rated higher than Poland.

The rating on Lodz is at the same level as the assessment of its BBB+ stand-alone credit profile, the agency added.

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