Fitch rates Warsaw bond AAA(pol)

Fitch Ratings said it assigned the City of Warsaw's upcoming domestic bond issue of up to 300 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 investment projects.

The seven-year fixed-interest bonds are scheduled to be issued on May 6. The coupon on the issue will be paid annually. The rating is contingent upon the receipt of final documents.

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

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

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