Fitch rates Kyiv notes BB-

Fitch Ratings said it assigned the Ukrainian City of Kyiv long-term foreign- and local-currency ratings of BB- and a short-term foreign-currency rating of B, along with a national long-term rating of AA+(ukr). Fitch also said it assigned its $250 million 8 ¼% loan participation notes due November 2012 a long-term foreign-currency rating of BB-.

The outlook is stable.

The ratings reflect the city's well-diversified and growing economy, stable growth in tax revenue and strong budgetary performance, Fitch said.

The ratings also factor in the city's growing debt burden, with high exposure to exchange risk and political and institutional framework uncertainties at the national level, the agency said.

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