Contact us (+ 7 (921) 446-25-10)
×
Texting is available for authorized users.
Please register or log in at the website.
×
Your request for online training has been sent. Cbonds managers will be in touch with you shortly. Thank you!

S&P Affirms Kyiv 'B' Rating; Outlook Stable

December 22, 2003 | Cbonds

Standard & Poor's Ratings Services said today it affirmed its 'B' issuer credit rating on the City of Kyiv (or Kiev), the capital and financial center of Ukraine (B/Positive/B), following a review. The outlook is stable.

"The rating on Kyiv is based on the economic and financial benefits resulting from its position as the capital and largest city of Ukraine, improved liquidity, and growing debt management experience," said Standard & Poor's Public Finance credit analyst Boris Kopeykin. "The ratings are constrained by Kyiv's limited fiscal flexibility due to the central government's control of major revenues, and evolving interbudgetary relations. The city also needs to improve management sophistication and transparency." The rating on the city also reflects significant infrastructure financing needs, growing debt, and high exposure to foreign currency risks.

The stable outlook reflects Standard & Poor's expectation that the city's growing economy and personal wealth levels will compensate for potential losses due to the expected decrease in personal income tax from 2004. The outlook also incorporates Standard & Poor's expectation that the city will maintain political stability and continuity of financial policies, and will increase its operational and financial transparency. Standard & Poor's will monitor Kyiv's debt issuance plans. The debt burden is manageable at this rating level, but debt growth combined with foreign exchange risks is a concern.

Share:

Similar news:
minimizeexpand
Cbonds is a global fixed income data platform
  • Cbonds is a global data platform on bond market
  • Coverage: more than 170 countries and 250,000 domestic and international bonds
  • Various ways to get data: descriptive data and bond prices - website, xls add-in, mobile app
  • Analytical functionality: bond market screener, Watchlist, market maps and other tools
×