14:28 05.11.2013

S&P affirms B- rating for City of Kyiv, downgrades Dnipropetrovsk and Ivano-Frankivsk ratings

1 min read
S&P affirms B- rating for City of Kyiv, downgrades Dnipropetrovsk and Ivano-Frankivsk ratings

Standard & Poor’s (S&P) Ratings Services has affirmed its B- long-term rating on the city of Kyiv and downgraded Dnipropetrovsk and Ivano-Frankivsk's ratings, the rating services said in a press release.

S&P said that the rating action follows our lowering of the long-term sovereign rating on Ukraine to B- from B on November 1, 2013.

The negative outlook mirrors that on Ukraine, reflecting the possibility that S&P could lower the rating on Kyiv, Dnipropetrovsk and Ivano-Frankivsk if the services lowered its ratings on Ukraine.

The document says that in accordance with S&P criteria, the services assess the indicative credit level (ICL) of Dnipropetrovsk and Ivano-Frankivsk, as defined by S&P criteria, at B.

"A local and regional government (LRG) can be rated higher than its sovereign if we believe that it exhibits certain characteristics," S&P said.

S&P lowered its Ukraine national scale rating on Dnipropetrovsk and Ivano-Frankivsk to uaBBB- from uaA-, in line with the national scale rating on the sovereign.

As reported, Standard & Poor's recently downgraded its long-term sovereign credit ratings on Ukraine from B to B-. At the same time, they affirmed the short-term rating at B.

AD
AD
AD
AD
AD