12:50 22.07.2019

Fitch affirms Odesa at 'b-', outlook stable

1 min read

Fitch Ratings has affirmed the Ukrainian city of Odesa's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B-', the outlooks are stable, the rating agency has reported on its website.

"The affirmation reflects Fitch's unchanged view that the city is constrained by the sovereign rating of Ukraine (B-/Stable). Fitch also assesses the city's standalone credit profile (SCP) at 'bb-', based on the combination of Odesa's vulnerable risk profile and a 'aaa' debt sustainability assessment," the agency said.

"The affirmation also reflects Fitch's expectations that the city's sound operating results and debt metrics will be maintained over the medium term. This is despite the projected moderate growth of the city's net adjusted debt following investments," the document reads.

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