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Ukrainian Capital City of Kyiv Upgraded To 'B-' On Likely Ability To Refinance LPNs; Outlook Stable; Off Watch Dev Jun 11
Standard & Poors, June 2011
Abstract
The Ukrainian central government has granted Kyiv a new borrowing authorization that reflects existing market sentiments. Thanks to this authorization, Kyiv will very likely be able to place a bond over the coming days mostly dedicated to refinancing the LPNs coming due in July 2011. We are raising our long-term rating on Kyiv to 'B-' from 'CCC+' and removing it from CreditWatch with developing implications. The stable outlook reflects our expectation that market sentiments and the central government's history of authorizing borrowing will also likely allow Kyiv refinance its debt obligations coming due in 2012. MOSCOW (Standard & Poor's) June 28, 2011--Standard & Poor's Ratings Services said today that it had raised its long-term issuer credit rating on the city...
Companies mentioned in this report are: Kyiv (City of)
Action: Outlook: Stable
Action: Removed From CreditWatch
Action: Upgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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