Ratings agency “Fitch Ratings” confirmed the long-term issuer default rating (IDR) in foreign currency of the city of Kharkiv at the level of “CCC”, says the press service of the Kharkiv City Council (RU).
It was also confirmed the long-term IDR in local currency at ‘CCC’, short-term IDR in foreign currency at “C” and national long-term rating of the city at the level of “A + (ukr)” with “negative” forecast, reported in the Department of Economics and communal property of the City Council.
The confirmation of the city followed after the confirmation of the long-term IDR of Ukraine in foreign currency to the level “CCC” on May 13 as the rating of Kharkiv is on a par with the sovereign rating.
The department reminded the rating of Kharkiv is limited with the sovereign’s ratings. The weak institutional environment for Ukrainian subnational entities remains a factor which stunt growth of the city’s rankings.
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