Fitch upgrades Gdańsk rating
15:45
Fitch Ratings has upgraded the Polish City of Gdansk's long term foreign and local currency IDR (Issuer Default Ratings) to A- from BBB+ and its national long-term rating to AA(pol) from AA-(pol).
"The upgrade reflects Gdansk's continued sound operating performance and prudent financial management, which together with high capital revenue, supports a strong self-financing capacity for its investment plans. The upgrade factors in also the stabilization of direct risk below 50% of current revenue, despite projected high capital spending," the press release reads.
All ratings have stable outlooks.
