S&P ups Lviv view to stable

Standard & Poor's said it revised the outlook on the Ukrainian City of Lviv to stable from negative.

The agency also said it affirmed the CCC+ long-term issuer credit rating and the uaBB Ukraine national scale rating.

The outlook revision reflects that Lviv's borrowings were lower than planned in 2010 and will be lower than previously expected for 2011, S&P said.

The ratings reflect Lviv's low financial flexibility in Ukraine's system of interbudgetary relations and ongoing expenditure pressures, including from Lviv's commitment to upgrade its infrastructure to host several of the Union of European Football Associations' championship matches in 2012, the agency said.

The city's weak liquidity and weak credit culture also constrain the ratings, S&P said.

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