Miasto Stoleczne Warszawa

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Warsaw’s financial stability confirmed

published: 2019-01-03 10:58, mlan
Warsaw’s financial stability confirmed fot. Warsaw’s financial stability confirmed

The Fitch Ratings agency affirmed the highest possible creditworthiness ratings of Warsaw, including the rating of the bond programme and the city’s bonds on the domestic market. Moody's Agency affirmed Warsaw’s creditworthiness assessment at A2 with a stable outlook.


On 17 December Fitch Ratings affirmed the international long-term Warsaw’s rating for domestic currency debt at A- and the long-term domestic rating at AAA (pol). The outlook of the ratings is stable. This is also the highest possible assessment equal to Poland's rating. Fitch Ratings also affirmed the long-term domestic rating at AAA (pol) for the bond programme up to PLN 4bn and all bonds issued by the city under the programme.

The ratings are confirmed by Fitch's unchanging position that in the medium term Warsaw will maintain its good operating results and safe debt ratios despite the pressure on increasing operating expenditures. The ratings also take into consideration the high cash level which secures debt service, the city's wealthy and diversified economy, and a strong tax base. They also take into account the expected growth of the city's indirect and direct liabilities related to new investments.

On Thursday 20 December, Moody's affirmed Warsaw’s credit rating, set at the international scale at A2 with a stable outlook. This is the highest possible rating equal to Poland's rating, as the state’s rating determines the upper limit of assessments possible to be achieved by entities from a given country (the so-called sovereign ceiling).
The key factors determining the agency's rating include Warsaw’s safe financial management model, its moderate debt ratio, a high ability to finance investment tasks from its own resources, and a stable financial liquidity level.