Report Card: Ratings On Ukrainian Local And Regional Governments Still Constrained By Country Risks Nov 07

Standard & Poors, November 2007

Abstract
The ratings on Ukrainian local and regional governments (LRGs) have remained stable since the publication of the previous report card on Aug. 31, 2006. Factors such as relatively sound financial performance and on average low debt have supported the level of ratings. Ukrainian LRGs also have growing economies, although this growth remains volatile. The strengths are offset by the continuing heavy dependence on decisions made at the sovereign level due to the highly centralized and unpredictable nature of the intergovernmental system in Ukraine (foreign currency BB-/Negative/B; local currency BB/Negative/B; national scale uaAA), low financial flexibility, expenditure pressures, and the weak financial position of utilities. Standard & Poor's Ratings Services currently rates seven LRGs in Ukraine, including six cities and the...

Companies mentioned in this report are:
- Ukraine
- Kyiv (City of)
- Dnipropetrovsk (City of)
- Ivano-Frankivsk (City of)
- Crimea (Autonomous Republic of)
- City of Lugansk
- City of Odessa
- Lviv (City of)

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Ukraine
- Kyiv (City of)
- Dnipropetrovsk (City of)
- Ivano-Frankivsk (City of)
- Crimea (Autonomous Republic of)
- City of Lugansk
- City of Odessa
- Lviv (City of)

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