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S&P downgrades Kyiv to CCC
Standard & Poor's said it lowered its long-term issuer credit rating on Ukraine's capital City of Kyiv to CCC from CCC+.
The outlook is negative.
The action follows the agency's Feb. 21 downgrade of Ukraine.
Under S&P's methodology, a local and regional government can be rated higher than its sovereign only if the agency considers that it exhibits certain characteristics. It does not currently believe that Ukrainian local and regional governments, including the City of Kyiv, meet these conditions.
The long-term rating on Kyiv is therefore capped at CCC by the Ukrainian sovereign foreign currency rating.
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