(The following statement was released by the rating agency) MILAN/BARCELONA/LONDON, November 21 (Fitch) Fitch Ratings has affirmed the Italian City of Taranto’s Long-Term foreign and local currency Issuer Default Ratings (IDR) and its Short-term foreign currency IDR at ‘RD’ (Restricted Default). KEY RATING DRIVERS The city continues to service outstanding loans of about EUR30m, while paying no interest or principal on the EUR250m bond issued in 2004, of which EUR230m are still outstanding.
Source: Financials
