Fitch affirms Bydgoszcz

Fitch Ratings said it affirmed the city of Bydgoszcz's long-term foreign- and local-currency ratings at BBB.

The outlook is stable.

The ratings reflect the city's moderate operating performance, which is expected to improve slightly in 2010, high secured levels of European Union financing for capital expenditure and expected modest debt growth after 2010, Fitch said.

They also take into account weakening debt service ratios and a projected increase in indirect risk arising from new debt-financed investments by municipal companies, the agency said.

Fitch said it expects the city to tighten operating expenditure to improve its operating performance, the agency added.

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