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S&P Revises City of Kyiv Outlook to Pos; 'B' Rtg Afmd

February 22, 2005 | Cbonds

Standard & Poor's Ratings Services said today it revised its outlook on the Ukrainian City of Kyiv to positive from stable, following strong economic growth. At the same time, Standard & Poor's affirmed its 'B' long-term issuer credit rating on the city.

"The rating on the City of Kyiv (or Kiev) is based on the economic and financial benefits resulting from its position as the capital and largest city of Ukraine (B+/Stable/B), its strong financial performance, and high liquidity," said Standard & Poor's credit analyst Boris Kopeykin.

The rating is constrained, however, by Kyiv's growing foreign exchange debt, limited fiscal flexibility due to the central government's control of major revenues, and evolving interbudgetary relations. The rating on the city also reflects significant infrastructure financing needs and the need to improve management sophistication and transparency.

Standard & Poor's expects that the growing economy and investments will lead to significant growth in the city's budget revenues.

"Future positive rating actions will depend on the city's ability to keep debt growth in line with or below revenue growth, with stabilization of debt at less than 60%-70% of revenues. Rating actions will also depend on the improvement of the balance after capital expenditure from 2006, together with further improvement in transparency and management sophistication," added Mr. Kopeykin.

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