S&P gives Kyiv bond BB-

Standard & Poor's said it assigned its preliminary BB- long-term local currency debt rating to the proposed Ukrainian hryvnia 1.25 billion senior unsecured bond to be issued by the Ukrainian capital City of Kyiv (BB-/negative).

"The proceeds from the bond will be used to finance the city's capital program, including bridge construction and to repay its $150 million and UAH 100 million bonds due in 2008," said S&P credit analyst Boris Kopeykin.

The agency said that the rating on the bond mirrors that on the city, which reflects Kyiv's limited fiscal flexibility, due to central government control of major revenues and evolving interbudgetary relations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.