Fitch rates Warsaw bond AAA(pol)

Fitch Ratings said it assigned the City of Warsaw's 300 million Polish zloty bond issue due Sept. 23, 2022 a final national long-term rating of AAA(pol).

The fixed interest bonds have been issued under the city's 4 billion Polish zloty bond program. The interest coupons will be paid annually.

The rating reflects 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, which may weaken Warsaw's operating performance in 2009 and 2010, the agency said.

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