Fitch rates ZKM Gdansk BBB

Fitch Ratings said it assigned a long-term local-currency rating of BBB and national long-term rating of A+(pol) to Zaklad Komunikacji Miejskiej w Gdansku Sp zoo's (ZKM Gdansk) 42.67 million in Polish zloty tram revenue bond issue due Dec. 30, 2024.

The company is 100%-owned by the City of Gdansk and is classified as a dependent entity of the Polish city due to its close links to Gdansk, Fitch said.

Over 90% of ZKM Gdansk's annual revenue comes from the city and is insulated from fluctuations in demand variables such as the number of passengers or fares, the agency said.

Fitch said it believes the city is committed to ensuring its ongoing financial viability, Fitch said.

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