Moody's drops Kyiv, Kharkiv

Moody's Investors Service said it downgraded the foreign and local-currency ratings of the Ukrainian cities of Kyiv and Kharkiv to Caa1 from B3 and placed the ratings on review for further downgrade.

Moody's said the actions were prompted by the weakening of the Ukrainian government's credit profile, as captured by Moody's recent downgrade of Ukraine's government bond rating to Caa1 from B3 and the placing of the ratings on review for further downgrade.

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