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Research Update: Ukrainian Capital City of Kyiv Long-Term Rating Affirmed At 'BB-'; Outlook Remains Negative Aug 07 Product Image

Research Update: Ukrainian Capital City of Kyiv Long-Term Rating Affirmed At 'BB-'; Outlook Remains Negative Aug 07

  • Published: August 2007
  • Standard & Poors

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Abstract
On Aug. 3, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' long-term rating on the City of Kyiv, capital of Ukraine (foreign currency BB-/Negative/B; local currency BB/Negative/B; Ukraine national scale 'uaAA'). The outlook remains negative. The rating reflects Kyiv's limited fiscal flexibility, due to central government control of major revenues, and evolving interbudgetary relations. The rating is also constrained by significant expenditure pressures, relatively high foreign exchange risk related to bullet debt repayments, and the need for further improvements in management sophistication and transparency. The rating is supported by the city's position as the economic, financial, and cultural center of Ukraine--which results in growing budget revenues--and sound liquidity levels. Kyiv's rating remains constrained by the lack of visibility of...

Companies mentioned in this report are: Kyiv (City of)
Action: Affirmed

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Kyiv (City of)

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