Fitch affirms Kharkov

Fitch Ratings said it affirmed the City of Kharkov's ratings at international long-term foreign and local currency B+, international short-term B and national long-term AA-(ukr).

The outlooks on the international and national long-term ratings are stable, the agency said, adding that the ratings reflect the rigidity of Kharkov's operating expenditure caused by the high share of social spending and a narrow budget-planning framework.

However, they also factor in Kharkov's strong budget performance, zero direct debt and restructured and well-managed public sector, Fitch noted.

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