Fitch rates Warsaw bond AAA(pol)

Fitch Ratings said it assigned the City of Warsaw's upcoming domestic bond issue up to 500 million in Polish zloty an expected national long-term rating of AAA(pol). The bonds will be issued under the city's 4 billion in Polish zloty bond program and the proceeds will be used to finance city investment projects. The ratings are contingent upon receipt of final documents.

The city has an AAA(pol) rating and stable outlook.

The ratings reflect the city's diversified and wealthy local economy and strong tax base, Fitch said, as well as the city's high liquidity and healthy debt ratios.

The rating also reflects economic uncertainty and cuts in personal income tax rates, the agency said.

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