S&P: Kyiv up to positive

Standard & Poor's said it revised its outlook on the Ukrainian City of Kyiv to positive from stable following strong economic growth. At the same time, S&P affirmed its B long-term issuer credit rating on the city.

S&P said the rating on the City of Kyiv (or Kiev) is based on the economic and financial benefits resulting from its position as the capital and largest city of Ukraine (B+/stable/B), its strong financial performance and high liquidity.

The rating is constrained, however, by Kyiv's growing foreign exchange debt, limited fiscal flexibility due to the central government's control of major revenues and evolving interbudgetary relations, according to S&P.

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