Fitch lifts Ostrow Wielkopolski

Fitch Ratings said it upgraded the Polish Municipality of Ostrow Wielkopolski’s national long-term rating to A(pol) from A-(pol).

The outlook is stable.

The upgrade reflects Ostrow’s historically sound operating performance, which is expected to continue in 2014 to 2016 with a projected operating margin of 17% comfortably covering debt-service requirements, Fitch said.

In 2013, the operating balance amounted to 30 million in Polish zloty, or 16.2% of operating revenue, covering debt service by 3x, the agency said.

However, the small size of the city’s budget leaves it vulnerable to a weakening of the domestic economy, Fitch said.

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