Standard & Poor’s upgraded long-term credit rating of Kyiv to ‘B -‘ from ‘CC’
Potential to further enhance the rating Agency currently sees.
International rating Agency Standard & Poor’s upgraded long-term credit rating of Kyiv to ‘B -‘ from ‘CC’, rating Outlook – “stable”. About it reported in a press release from the Agency on Friday, November 25.
“Unlike our previous prediction, the city of Kyiv ahead of schedule paid on unsecured bonds with a volume of 1,915 billion hryvnia maturing on 6 December 2016. Therefore, we are raising the rating of Kiev to “B-” from “CC,” – said in a release.
At the same time, the potential for increasing the rating Agency currently sees.
The stable Outlook reflects the Agency’s view that the lack of the Kiev commercial debt and a good performance on the budget balance weaknesses in the financial management of the city and its limited access to capital markets.
Note, S&P may downgrade the ratings of Kiev, following the downgrade of the sovereign rating of Ukraine or during the growth of the commercial debt of the city and weak budgetary performance.
Earlier, the international rating Agency Fitch Ratings upgraded long-term default ratings of Kyiv in foreign and national currencies.