Wednesday, July 2, 2008

Fitch affirms B+ ratings of Odessa and Kharkiv cities.

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Fitch affirms B+ ratings of Odessa and Kharkiv cities. Fitch affirmed B+ rating of Odessa and Kharkiv cities in foreign and national currency debts. At this, the agency affirmed short-term ratings of Odessa and Kharkiv at B’s, and long-term national scale ratings of AA-(ukr). The outlook on the ratings is stable. About Odessa ratings, the agency noted that ratings reflect to some budget inflexibility. At this, Odessa is estimated as a city having diversified economy that enables stable budget performance, and high capital expenses and improving outstanding debts. The stable outlook of Odessa ratings corresponds to the outlook of future economic development which will cover operational or other expenses. About Kharkiv, the agency noted same budgetary inflexibility because of high social spending part, and short term budget drafting. At the same time, Kharkiv budget performance was considered as strong, and the city has no direct debt, along with already reorganized municipal services. Stable outlook of Kharkiv represents the expectation of future economic development in the city in the frames of EURO-2012 preparations.

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Fitch affirms B+ ratings of Odessa and Kharkiv cities.

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