Fitch lifts Kharkov view to stable

Fitch Ratings said it revised the City of Kharkov's outlook to stable from negative and affirmed its B- long-term foreign- and local-currency ratings, B short-term rating and AA-(ukr) national long-term rating.

The rating action follows the revision of Ukraine's outlook to stable and the affirmation of its long-term foreign- and local-currency issuer default ratings at B-.

The agency said Kharkov's ratings factor in its good financial management, its adequate budgetary performance in 2009 and expected satisfactory performance in 2010, its sufficient liquidity and the maintenance of its debt-free status in 2009 and in the first quarter of 2010.

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