OREANDA-NEWS. Fitch Ratings has upgraded the National Long-Term Ratings of 10 Polish local and regional governments (LRGs). It has also upgraded the National Long-Term Ratings of Poland-based Zaklad Komunikacji Miejskiej w Gdansku Sp. z o. o. (ZKM) and its PLN220m tram revenue bond programme and bonds. The full list of rating actions is available at the end of this commentary.

KEY RATING DRIVERS

The rating actions reflect the recalibration of the Polish National Rating scale following the downgrade of Poland's Long-Term Local Currency Issuer Default Rating on 22 July 2016 (See 'Fitch Applies Criteria Changes to Poland's Ratings at www. fitchratings. com).

RATING SENSITIVITIES

The rating sensitivities for each entity remain unchanged as outlined in the respective Rating Action Commentaries published previously.

The rating actions on the National Long-Term Ratings are as follows:

The City of Gdansk: upgraded to 'AA+(pol)' from 'AA(pol)', Outlook Positive

The City of Gliwice: upgraded to 'AA+(pol)' from 'AA-(pol)', Outlook Stable

The Region of Mazowieckie: upgraded to 'AA+(pol)' from 'AA(pol)', Outlook Stable

The City of Szczecin: upgraded to 'AA+(pol)' from 'AA-(pol)', Outlook Stable

ZKM Gdansk: upgraded to 'AA-(pol)' from 'A+(pol)', Outlook Positive

ZKM Gdansk's Tram Revenue bond programme: upgraded to 'AA(pol)' from 'AA-(pol)'

The City of Rybnik: upgraded to 'AA+(pol)' from 'AA-(pol)', Outlook Stable

The City of Bydgoszcz: upgraded to 'AA(pol)' from 'A+(pol)', Outlook Stable

The City of Rzeszow: upgraded to 'AA-(pol)' from 'A+(pol)', Outlook Stable

The City of Torun: upgraded to 'A+(pol)' from 'A(pol)', Outlook Stable

The City of Kielce: upgraded to 'A+(pol)' from 'A(pol)', Outlook Stable

The Municipality of Ostrow Wielkopolski: upgraded to 'A+(pol)' from 'A(pol)', Outlook Stable