Fitch Ratings has affirmed the Ukrainian City of Kharkiv`s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at `CCC,` and Short-Term Foreign Currency IDR at `C`, Fitch Ratings said in its press release.
Fitch has also affirmed the city`s National Long-Term rating at `A+(ukr)` with a Negative Outlook, according to the press release.
The ratings are constrained by the ratings of Ukraine (CCC) and a weak institutional framework. The ratings also reflect Fitch`s unchanged base case scenario regarding the city`s satisfactory budgetary performance and low debt over the medium term.
The Negative Outlook on the National Rating reflects a volatile macroeconomic environment in Ukraine and weak prospects of an economic recovery over the medium term.
As UNIAN reported earlier, Fitch Ratings affirmed Ukraine`s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at `CCC`. The issue ratings on Ukraine`s senior unsecured foreign and local currency bonds were also affirmed at `CCC`.
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