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. On June 28, 2011, Standard & Poor's Ratings Services raised its long-term issuer credit rating on the city of Kyiv to 'B-' from 'CCC+'. The...
Companies mentioned in this report are: Kyiv (City of)
Action: Outlook: Stable
Action: Removed From CreditWatch
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Product Type: Research Update
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