S&P rates Lviv bond B+/uaA+

Standard & Poor's said it assigned a preliminary B+ long-term local currency debt rating and uaA+ Ukraine national scale rating to the proposed UAH 200 million senior unsecured bond to be issued by the city of Lviv (B+/stable, Ukraine national scale uaA+).

Proceeds will be used to finance the city's part of the Union of European Football Associations' Euro 2012 program to build roads, sports facilities and public transportation.

Ratings on the bond mirror those on the city, which reflect Lviv's low financial flexibility, high infrastructure needs, pressured by the Euro 2012 program, the agency said, as well as operating expenditure pressures and low wealth levels.

These weaknesses are mitigated by the city's modest debt accumulation plans and moderate but stable financial performance, S&P said.

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