S&P upgrades Brno

Standard & Poor's said it raised the long- and short-term issuer credit ratings on the Czech City of Brno to A/A-1 from A-/A-2.

The outlook is stable.

The action reflects a reduction of political uncertainty after the incumbent executive was re-elected in municipal elections in October 2010, S&P said.

It also reflects an expectation that the city's financial performance will improve as a result of the wider domestic economic recovery and continued adherence to a strict debt and fiscal policy, the agency said.

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