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An Improving Environment For Ukraine's LRGs May Lead To More Upgrades Sep 11
Standard & Poors, Sep 2011
Abstract
Standard & Poor's Ratings Services' positive rating actions on Ukrainian local and regional governments (LRGs) over the past few months illustrate our view that the sector's creditworthiness is likely to continue to improve this year and next. Recovering revenues, more substantial capital grants from the central government, and investors' readiness to assume municipal risk have all benefited local government credit quality, bringing the ratings closer to those on Ukraine (foreign currency B+/Stable/B, local currency BB-/Stable/B). The five rated LRGs, with long-term ratings between 'CCC+' and 'B-', represent more than 90% of local government debt and provide a good snapshot of risks typical to Ukraine. However, we believe that the pace of rating convergence between the sovereign and LRGs will continue...
Companies mentioned in this report are: Ukraine,Kyiv (City of),Dnipropetrovsk (City of),Ivano-Frankivsk (City of),Crimea (Autonomous Republic of),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.
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