S&P upgrades Kyiv rating to ‘B’

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On Nov. 15, 2019, S&P Global Ratings raised its long-term issuer credit rating on the Ukrainian City of Kyiv to ‘B’ from ‘B-‘. The outlook is stable.

“We anticipate that Ukraine’s capital city of Kyiv will completely offset its intergovernmental debt with the Ministry of Finance once its infrastructure projects are completed in 2020. This would reduce the city’s direct debt by 50% by 2021,” the rating agency said in a statement.

According to S&P experts, the uncertainties regarding the potential dismissal of the mayor as the head of the city’s state administration and the date of the next municipal election in 2020 will not affect the city’s ability to honor its debt obligations.

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