VELOCYS
Fitch Ratings has affirmed the London Borough of Wandsworth's long-term foreign and local currency issuer default ratings at 'AA+' with stable outlooks and short-term foreign currency IDR at 'F1+'. Fitch says the ratings reflect Wandsworth's strong socio-economic profile, the strong institutional framework of the UK, and the borough's strong track record of focused financial management, which includes conservative budgeting, prudent investment policies and its low level of debt. However, Wandsworth also has a low operating margin and limited flexibility to raise revenue. The stable outlook reflects Fitch's view that its performance will be stable, with debt slightly declining over time. Story provided by StockMarketWire.
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