S&P upgrades Ukraine cities

Standard & Poor's said that has taken various rating actions on Ukrainian local and regional governments because of its upgrade of the sovereign's ratings.

The agency said it upgraded to B-/uaBBB- the Autonomous Republic of Crimea and the cities of Dnipropetrovsk, Ivano-Frankivsk and Lugansk. Their outlooks are stable.

The agency also said it affirmed the CCC+ rating on the City of Kyiv and revised the outlook to stable from negative.

S&P also affirmed the CCC+/uaBB ratings on the cities of Lviv and Odessa and maintained negative outlooks on those cities.

These actions follow the upgrade of Ukraine after the formation of a new governing coalition and cabinet in Ukraine, which increases the likelihood of stronger policy coordination, renewal of relations with the International Monetary Fund and renewal of foreign investors' confidence, the agency said.

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