S&P ups Kyiv issuer credit to B+

Standard & Poor's said it raised its long-term issuer credit rating on the Ukrainian City of Kyiv to B+ from B following the upgrade on Ukraine (now rated foreign currency BB-/stable/B; local currency BB/stable/B). The outlook on Kyiv remains positive.

S&P said Ukraine's improved economic policy environment, strong growth potential and incipient reform of the economy will have a beneficial affect on Kyiv, the capital and largest city of Ukraine.

Further strengths, according to S&P, are the city's strong financial performance and high liquidity.

S&P said the rating remains 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.

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