The gauged SL(2,R)/U(1) Wess-Zumino-Novikov-Witten (WZNW) model is classically an integrable conformal field theory. We have found a Lax pair representation for the non-linear equations of motion, and a B"acklund transformation. A second-order differential equation of the Gelfand-Dikii type defines the Poisson bracket structure of the theory, and its fundamental solutions describe the general solution of the WZNW model as well. The physical and free fields are related by non-local

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... s. The (anti-)chiral component of the energy-momentum tensor which factorizes into conserved quantities satisfying a non-linear algebra characteristic for parafermions assumes the expected canonical free field form. So the black hole model seems to be prepared for an exact canonical quantization.