Fitch ups Szczecin to BBB+

Fitch Ratings said it upgraded the Polish city of Szczecin's long-term foreign-currency and local-currency ratings to BBB+ from BBB and short-term foreign-currency rating to F2 from F3.

The outlook has been changed to stable from positive.

The upgrades reflect the city's improved operating performance, high self-financing capacity, good financial management and low direct debt, Fitch said.

However, the ratings take also into account the relatively high debt of the city's companies and pressure on direct and indirect debt increases, the agency added.

The stable outlook reflects Fitch's expectations that the city will maintain its good operating performance in the medium-term.

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