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S&P raises Odessa
Standard & Poor's said it raised its Ukraine national-scale rating on the City of Odessa on the Black Sea coast of southern Ukraine to uaA+ from uaA.
This reflects the continued demonstration of the city's new management commitment to prudent debt polices and final settlement of the city's 1997 bond, which is no longer on the city's debt books, the agency said.
At the same time, the agency said it affirmed the B+ long-term issuer credit rating.
The outlook is stable.
According to S&P, the ratings reflect the city's low fiscal flexibility arising from central government controls while the ratings also reflect significant expenditure pressures due to increasing salaries and infrastructure needs; low, albeit improving, wealth levels; and Odessa's debt accumulation plans, which lead to foreign-exchange risks.
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