S&P upgrades Kyiv city's rating to 'B' with stable outlook
S&P Global Ratings has raised its long-term issuer credit rating on the Ukrainian City of Kyiv to 'B' from 'B-'. The outlook is stable, S&P said in a press release.
The upgrade of the rating is linked to two factors. First, S&P experts anticipate that Ukraine's capital city of Kyiv will completely offset its intergovernmental debt with the Ministry of Finance once its infrastructure projects are completed in 2020. This would reduce the city's direct debt by 50% by 2021.
Secondly, they said that uncertainties regarding the potential dismissal of the mayor as the head of the city's state administration and the date of the next municipal election in 2020 will not affect the city's ability to honor its debt obligations.