S&P: Ukrainian City of Odessa Off Watch After Bond Repayment; Affirmed At 'B/uaA-'; Outlook Neg - 12 Мая 2009 - Мало-бизнес.ру
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Главная » 2009 » Май » 12 » S&P: Ukrainian City of Odessa Off Watch After Bond Repayment; Affirmed At 'B/uaA-'; Outlook Neg
S&P: Ukrainian City of Odessa Off Watch After Bond Repayment; Affirmed At 'B/uaA-'; Outlook Neg
MOSCOW (Standard & Poor's) Jan. 13, 2009--Standard & Poor's Ratings Services said today that it had removed its 'B' long-term issuer credit and 'uaA-' Ukraine national scale ratings on the southern Ukrainian City of Odessa from CreditWatch, following the city's repayment of its bond on Dec. 31, 2008. The outlook is negative.

The ratings had been placed on CreditWatch with negative implications on Oct. 15, 2008, due to increased risks related to the safety of Odessa's deposits earmarked for 2008 debt service.

"The ratings reflect the city's low fiscal flexibility, arising from central government controls," said Standard & Poor's credit analyst Boris Kopeykin.

They also reflect significant expenditure pressures due to increasing salaries and infrastructure needs; low, albeit improving, wealth levels; and the foreign-exchange risks of Odessa's debt structure.

The ratings are supported by the city's favorable location, which encourages economic development, and its possession of large assets that it could sell.

As of Dec. 1, 2008, the city's overall cash exceeded Ukrainian hryvnia (UAH) 110 million ($14 million) including UAH70 million in special fund cash the city used for a bond payment due on Dec. 31, 2008.

The negative outlook reflects that on Ukraine (foreign currency B/Negative/B; local currency B+/Negative/B), as well as our expectations that Odessa's economic and financial performance will substantially weaken, with economic contraction and a small operating deficit likely in 2009.

"Positive rating actions on Ukraine, when combined with resumed economic and budget revenue growth in Odessa--and consequential positive operating balances--might be positive for the city's creditworthiness, provided that debt service remains less than 10%-12% of revenues despite recent sharp exchange-rate fluctuations," said Mr. Kopeykin.

Conversely, negative rating actions on Ukraine, or higher-than-expected debt service due to exchange-rate fluctuations, could pressure the ratings.
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