Financial capabilities of Kyiv are unsustainable, as they said in the agency.
The Fitch Ratings has confirmed the long-term issuer default ratings (IDR) of Kiev, Ukraine, in foreign and national currency, at ‘CCC’ (possible default) and the long-term rating ‘BBB (ukr)’ with stable forecast.
Fitch expects that financial capabilities of Kyiv will remain unsustainable over the medium term.
As it is said in the agency’s press-release, ratings reflect the city’s fragile fiscal potential, the risk of refinancing, restricted access to debt capital markets etc.
As Fitch notes, the city’s external debt significantly decreased after euro bond swapping for $550 mln in December.
In late December Fitch upgraded the long-term rating of Kyiv in foreign currency up to “CCC” from default “D”.
