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13:51
KYIV'S RATING AFFIRMED AT 'CCC+' ON CENTRAL GOVERNMENT SUPPORT OF DEBT SERVICING, WITH NEGATIVE OUTLOOK

Kyiv, July 31 (Interfax-Ukraine) - Standard & Poor's Ratings Services on July 30, 2009 affirmed its 'CCC+' long-term issuer credit and unsecured debt ratings on Ukraine's capital, the city of Kyiv, S&P said in a statement.

The outlook is negative.

According to the statement, the ratings were removed from CreditWatch with negative implications, where they had been placed on April 14, 2009. Before the CreditWatch placement, the outlook was negative.

"The ratings reflect the city's high debt burden, with its significant foreign exchange risk and short-term refinancing pressures," said Standard & Poor's credit analyst Boris Kopeykin.

The ratings are also constrained by Kyiv's limited fiscal flexibility and evolving interbudgetary relations, weakening revenues that undermine budgetary performance, and contingent liabilities resulting from the city's companies.

The ratings are supported by the city's position as Ukraine's economic and financial center, its relatively diversified and wealthy - by Ukrainian standards - economy, and expected support from the central government in extending or refinancing the city's short-term debt.

The negative outlook mirrors the outlook for Ukraine. It also reflects Kyiv's risky debt structure, poor liquidity, and weakening budgetary performance.

"Our rating scenario factors in our expectation that the central government will provide timely and sufficient support to Kyiv either to refinance or repay its UAH 750 million loan," say S&P experts.

"If Kyiv defaults on this loan, it could trigger cross default on the city's eurobonds. Support from the central government could come either in the form of additional grants and treasury loans or assistance in extending the loan."

"If we see only slight evidence of the central government's intent to facilitate the loan extension or repayment before December 2009, we might downgrade Kyiv by several notches," said Kopeykin.

A downgrade could also result from Kyiv's rapid accumulation of short-term debt, with substantial growth of debt servicing above our forecast in 2009-2010. Negative rating actions on Ukraine will also put additional pressure on the ratings on Kyiv.

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