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S&P: City of Kyiv's Proposed UAH150 Million 5-Year Bond Issue Rated 'B'

November 24, 2003 | Cbonds

Standard & Poor's Rating Services said today it assigned its 'B' long-term senior unsecured debt rating to the Ukrainian hryvnia (UAH) 150 million five-year domestic bonds
to be issued by the City of Kyiv (Kiev; B/Stable/--) on Nov. 25, 2003. The bonds will pay fixed quarterly coupons from 10% to 14%. The proceeds of these bonds will be used for capital investment in public utilities and transport infrastructure in 2004.

"The rating on the bonds is equalized with the issuer credit rating on the City," said Standard & Poor's credit analyst Boris Kopeykin. "The rating on Kyiv is constrained by the City's low revenue and expenditure flexibility, significant infrastructure needs, rapidly growing debt burden, and slowly developing management systems."

The rating is supported by above-national-average wealth, Kyiv's position as Ukraine's (B/Positive/B) engine of economic growth, and a sound financial performance demonstrated by operating balances of more than 20% of operating revenues.

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