Standard & Poor’s raises Oloumouc’s rating

The international rating agency Standard & Poor's gave the city of Olomouc higher marks for financial stability this year. The financial outlook for the central Moravian city, according to the agency, went from stable last year, to positive. The rating agency’s analysts highlighted Olomouc’s solid budget efficiency, cautious debt management and overall prudent borrowing policies. Deputy mayor Ivo Vlach said that one of the reasons for the improved rating is the city’s growing operating surplus, that has more than doubled in 2010 and 2011 compared to the figures in 2009. The Olomouc budget had 2.36 billion crowns in earnings in the beginning of 2012, and expenses of 2.44 billion. The city plans to invest over 800 million crowns this year.

Author: Masha Volynsky