Moody's lifts Brno to Prime-1

Moody's Investors Service said it upgraded the City of Brno's short-term rating to Prime-1 from Prime-2. The issuer rating of A2 with stable outlook remains unchanged.

The ratings reflect the excellent liquidity position of the city, prudent budgetary management and minimum recourse to short-term debt, Fitch said. The strong cash cushion is underpinned by the highly predictable and steady cash flows, the agency said.

The ratings also consider the city's strong operating performance, good level of self-funding capacity despite considerable capital spending and the manageable level of debt as a result of the internal limits, the agency said.

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