Fitch affirms MWiK

Fitch Ratings said it affirmed the long-term local-currency ratings on Miejskie Wodociagi i Kanalizacja w Bydgoszczy Sp zoo's (MWiK) first series 220 million Polish zloty and second series 380 million zloty of secured revenue bonds at BBB-.

Both series fall under the company's secured revenue bond program of 600 million zloty, which is intended to co-fund MWiK's sizeable capital expenditure program of 1 billion zloty, the agency said.

The affirmation reflects the accelerated implementation of the capital expenditure program, which contributed to a reduction of the completion risk of the construction works, Fitch said.

The ratings also incorporate MWiK's low business risk and effective monopoly of an essential public utility service, the agency said.

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