Fitch rates Kyiv bond AA+(ukr)

Fitch Ratings said it assigned the City of Kyiv's domestic bond issue up to UAH1.275 billion with a maturity of 10 years an expected national long-term rating of AA+(ukr). The rating is contingent upon receipt of final documents. Kyiv has long-term foreign- and local currency ratings of BB-, national long-term rating of AA+(ukr) and short-term foreign-currency rating of B.

The outlook is stable.

The rating reflects Fitch's expectation that investment-driven economic growth will fuel revenue growth and maintain an operating balance at the high present level. Fitch also said it expects that increasing debt burden will remain manageable.

The city recorded high capital expenditure in 2005 through 2007 and plans to further increase capital spending of the local budget, the agency said.

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