Fitch boosts Gdansk

Fitch Ratings said it upgraded the city of Gdansk's long-term foreign- and local-currency ratings to BBB+ from BBB.

The outlook is stable.

Fitch said the upgrade reflects Gdansk's improved operating performance, high liquidity, low debt, budget surplus for 2003 to 2006 and conservative financial management.

The ratings also consider the rigidity of operating expenses and projected increase in debt, the agency said.

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