The S&P has confirmed Kyiv’s credit rating and continues to envision a stable forecast.

The S&P Global Ratings has maintained Kyiv’s long-term credit rating at the CCC+ level. This means that the issuer is vulnerable and depends on favorable conditions to fulfill its financial obligations. The S&P has indicated that Kyiv’s current liquidity position is stable: cash reserves are sufficient to service debt over the next 12 months. The city has only one outstanding foreign currency debt of $28.8M, due in December 2022. In its baseline scenario, the S&P expects the city to make this payment, given its high cash reserves of about UAH 20.5B ($560M) and its management’s commitment to meeting its debt obligations. According to S&P estimates, Kyiv’s economy will follow the national economy’s trajectory, although Kyiv, as the capital, remains the most diversified region of Ukraine. The city accounts for more than 20% of the national GDP and enjoys a strong labor market.