S&P affirms Ivano-Frankivsk

Standard & Poor's said it affirmed the CCC+ long-term issuer credit and uaBB Ukraine national scale ratings on the city of Ivano-Frankivsk.

The outlook remains negative.

"The ratings reflect our opinion that the city highly depends on central government policies and therefore on uncertain intergovernmental grants to the city," S&P analyst Karen Vartapetov said in a statement.

Ratings incorporate an expected weakening of the local economy in 2009, as well as the sizable payment arrears of municipal utilities, the agency said.

These weaknesses are offset by the city's very low debt and constraints on future borrowings, the agency noted.

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