Moody's rates Kharkiv B2

Moody's Investors Service said it assigned an issuer rating of B2 to the City of Kharkiv, Ukraine.

Moody's said the rating reflects the city's recent history of more positive economic performance and prudent fiscal management.

The rating also captures the inherent risks stemming from an institutional framework that is still in flux, according to S&P.

With limited flexibility to determine its revenue structure, Moody's said the city has nevertheless managed a prudent approach to fiscal policy, running a budgetary surplus for the past five years.

Nevertheless, although current expenditures have been met, much of the city's infrastructure is outdated and its funds for capital expenditure are inadequate.

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