S&P affirms 'A-' rating for Cracow and 'BBB+' for Lodz
May 2, 2014
Standard & Poor's Ratings Services April 25 affirmed its 'A-' foreign and local currency issuer credit ratings on Cracow and 'BBB+' for Lodz, with stable outlook for both Polish cities .
The agency wrote that Cracow continues to demonstrate strong budgetary performance fuelled by economic recovery and management's commitment to cost-containing measures.S&P added that the city's liquidity position remains weak, but is improving gradually.
As for Lodz, the agency wrote that the city has improved its operating performance due to cost-containing measures. However, S&P added that the overall budgetary performance remains under pressure while the city implements a very large-scale capital investment program.