Fitch downgrades Bialystok

Fitch Ratings said it downgraded the Polish City of Bialystok's long-term foreign- and local-currency ratings to BBB- from BBB.

The outlook is stable.

The agency also said it affirmed its national rating at A(pol) and revised its outlook to negative from stable.

The downgrades reflect the deterioration in operating performance in 2009 to 2010 due to weak control on operating expenditure, which grew faster than operating revenue, Fitch said.

It also takes into account strong pressure on debt financing in 2011 to 2013, which may cause further deterioration in debt coverage, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.