Fitch rates Kyiv notes B-

Fitch Ratings said it assigned an expected long-term foreign-currency rating of B- to the City of Kyiv's upcoming $300 million loan participation notes issue due in July 2016.

The city's long-term foreign- and local-currency ratings are both B-, short-term foreign-currency rating of B and a national long-term rating of BBB+(ukr). The outlook is negative.

The notes have 10 semi-annual interest payment periods with the interest rate to be determined at a later date. The proceeds will be used to refinance maturing debt and to fund capital expenditure, Fitch said.

The city is the capital of Ukraine and its economic and financial center. It accounted for 18% of Ukraine's GDP in 2009 and 6% of the country's population, the agency said.

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