S&P rates Lugansk

Standard & Poor's said it assigned its B long-term issuer credit rating and its uaBBB+ Ukraine national-scale rating to the Ukrainian City of Lugansk.

The outlook is stable.

The agency said that the ratings on the industrial city of Lugansk, located in the east of Ukraine (foreign currency BB-/stable/B, local currency BB/stable/B, Ukraine national-scale uaAA), reflect its high contingent liabilities related to municipal utilities, low financial flexibility and high infrastructure needs.

The ratings are supported by Lugansk's zero debt, modest but stable financial performance and growing revenues, the agency noted.

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