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Placed: 10.12.2018 11:47:44

The assigned Fitch rating helps to save budget funds of Odesa

Fitch rating helps to attract resources for the implementation of the most important projects for the socio-economic development of Odesa

At the beginning of the year, the international rating agency Fitch Ratings has assigned the Ukrainian City of Odesa Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'B-'. The Outlooks are Stable.
Thanks to the assigned credit rating, the EBRD reduced the interest rate (margin) on the loan for the renewal of the trolleybus fleet of municipal enterprise ODESGORELEKTROTRANS by 1%.


As of today, this is more than 14,000 Euros per year in cash savings, which will be directed to the organizational development of the enterprise, the renewal of rolling stock, the creation of new job positions, the improvement of social standards and the wages of workers. It is expected more than 60,000 Euros for the next year.


The assigned Fitch rating is a living tool for saving budget funds, as well as green light for investors and a confidence criterion for international financial organizations that are willing to invest in energy efficiency projects, the development of urban public transport, and road safety.


The Fitch rating will also help in the future to attract more affordable resources from IFO for the implementation of the most important projects for the socio-economic development of the city.


The Department of Economic Development of Odesa City Council continues its cooperation with the rating agency. There was signed an agreement with Fitch Ratings, Fitch Polska S.A. for the provision of services on the rating of Odesa on the international scale in 2019.

REFERENCE:
Fitch Ratings is a US corporation known as a rating agency. Fitch Ratings, along with Standard & Poor’s and Moody’s, is one of the TOP-3 international rating agencies. The main task is to provide the world credit markets with independent and prospective-oriented credit ratings, analytical studies and data.



 



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