Fitch rates Warsaw notes AAA(pol)

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

The rating takes into account the city's wealthy local economy and strong tax base, high liquidity and robust debt ratios, Fitch said.

The rating further reflects the projected increase in city's direct debt and indirect risk arising from the health-care sector and public companies, the agency said.

The stable outlook reflects an expectation that the city's operating performance will improve in 2010 through 2011, supported by the economic growth, Fitch added.

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