Fitch: Mazowieckie outlook negative

Fitch Ratings said it revised the Mazowieckie's outlook to negative from stable and affirmed the region's long-term foreign-currency rating at A-, long-term local-currency rating at A and national long-term rating at AAA(pol).

The agency also affirmed the region's €82 million issued bonds long-term foreign-currency rating at A-.

The revised outlook reflects a deterioration of operating performance and debt protection ratios as a result of declining operating revenue, which has not been accompanied by adequate cuts in operating expenditure, according to the agency.

Ratings also reflect the region's satisfactory liquidity and wealthy regional economy, which has been affected by the current economic slowdown, the agency said, as well as the high indirect risk stemming from the health care sector.

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