Moody's lifts Spisska Nova Ves view to stable

Moody's Investors Service said it changed the outlook on the City of Spisska Nova Ves's Aa1.sk national scale issuer rating to stable from negative.

The change in outlook primarily reflects an expected stabilization in Spisska Nova Ves's overall debt exposure in 2011 followed by a progressive downward trend afterwards, coupled with its positive operating performances and sustained liquidity position, Moody's said.

Although Spisska Nova Ves's debt stock reached an all time high of 25% of operating revenue in 2010 from 15% in 2009 following intensive capital expenditure during the year, the agency said debt levels remain relatively low compared with the Slovak municipal average of 52% of operating revenue for the year.

The rating continues to be underpinned by adequate operating margins, Moody's added.

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