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S&P downgrades Kyiv
Standard & Poor’s said it lowered the long-term issuer credit ratings on the Ukrainian City of Kyiv, along with the issue ratings on its debt, to CC from CCC and placed them on CreditWatch with negative implications.
The downgrades follow news of Kyiv’s proposed bond restructuring, which might constitute a default under the agency’s criteria, S&P said.
The ratings also consider a view of Ukraine’s very volatile and underfunded institutional framework and weak economy, the agency said, and Kyiv’s weak management.
Moreover, S&P said it considers Kyiv to have very weak financial flexibility, weak budgetary performance, weak liquidity and very high debt burden.
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