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Fitch assigns city of Kyiv's upcoming UAH 1.1 bln domestic bond issue 'B(EXP)' rating
KYIV. Sept 10 (Interfax-Ukraine) – Fitch Ratings has assigned the City of Kyiv’s upcoming domestic bond issue an expected Long-Term Rating of ‘B(EXP)’, Fitch said in a press release on Friday.
The final rating is contingent upon the receipt of final documents conforming to information already received.
Fitch said that Kyiv plans to issue domestic bonds up to UAH1.1 billion in one tranche of UAH 300 million and two tranches of UAH 400 million, to be redeemed bullet at the tranches’ final maturities, which fall between 2024-2026. Interest will be paid quarterly. The bonds’ proceeds will be used to finance infrastructure investments.
"Kyiv’s bond issue rating is equalized with the city’s Long-Term Issuer Default Rating since the bonds will be a senior, unsecured obligation and rank pari passu with the city’s other senior unsecured obligations," Fitch said.