Fitch upgrades Mazowieckie

Fitch Ratings said it upgraded the Polish Region of Mazowieckie's long-term foreign-currency rating to A- from BBB+ and affirmed the long-term local-currency rating at A. The outlook is stable.

The upgrade follows the upgrade of the Republic of Poland's foreign-currency issuer default rating to A- from BBB+ and is due to the fact that Mazowieckie's foreign-currency rating is constrained by the sovereign rating.

The agency said the ratings reflect the region's robust budgetary performance, high liquidity, zero debt and its strong and improving economic profile, which results in growing income tax revenue.

The ratings also take into account the region's growing expenditure on railway transport and risks stemming from the highly indebted health care sector, Fitch said.

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