Fitch lifts Kyiv to stable

Fitch Ratings said it revised the Ukrainian City of Kyiv's long-term ratings outlook to stable from negative and affirmed its long-term foreign- and local-currency ratings at B-.

The agency also said it affirmed the city's national long-term rating at BBB+(ukr) and short-term foreign-currency rating at B.

The action also affects the city's outstanding debt issues of $250 million, $250 million and $300 million, Fitch said.

The stable outlook reflects the reduction of any immediate refinancing risk due to the repayment of $200 million of loan participation notes in July 2011 and the rebound of the local economy, the agency said.

The agency said it expects an improvement in the city's budgetary performance in 2011 to 2012 with the gradual improvement of margins offsetting persistent short- term debt.

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