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/ Main / News / IBI-Rating has affirmed the credit rating of the city of Odessa at uaA grade


Placed: 01.06.2016 10:51:23

IBI-Rating has affirmed the credit rating of the city of Odessa at uaA grade

IBI-Rating informs on the affirmation of the credit rating of the city of Odessa at uaA grade, preserving the «stable» outlook

IBI-Rating informs on the affirmation of the credit rating of the city of Odessa at uaA grade, preserving the «stable» outlook.
The affirmed credit rating of the city of Odessa is due to the significance of the city as an economic center of the southern part of Ukraine, preservation of most indicators of social and economic development and an increase of some of them, high level of provision of the city budget given moderate debt burden, as well as high diversification of budget revenues.

 
Development of the urban economy of Odessa city in 2015 was under the pressure of the economic recession and political instability in Ukraine. Given these processes and against the background of increased average wages, there were observed: reduced number of available population, reduced average number of staff members, as well as increased wages arrears. However, the city enterprises increased the volume of industrial output sold in monetary terms, as well as the volume of retail trade turnover. By the results of 2015, budget revenues were higher than the previous year data, allowing to maintain the indicator of budgetary provision per capita higher than the average indicator for Ukraine.
The city continued to cooperate with financial institutions including the international financial institutions and repay in advance the loans that are directed at developing the city infrastructure. During 2015 the consolidated debt increased by 20% (mainly due to the devaluation of the hryvnia), but the city direct debt decreased by 32%, due to which its ratio to the budget revenues net of transfers for 2016 decreased by 4,5 p.p. accounting for 6,5%, which is an acceptable value. In 2016, the ratio of consolidated debt to target budget revenues, transfers included, increased by 7,7 p.p. accounting for 27%.

 
A positive impact on the credit rating of the city may have, as follows: significant growth of budget revenues of the city of Odessa, exceeding nationwide average values of the indicators of social and economic development; reduction of the city consolidated debt. A negative impact on the credit rating of the city may have, as follows: reduced performance indicators of budget revenues, reduced liquidity, increased debt obligations, further deterioration of the political and economic situation in Ukraine or the region, as well as the deteriorated conditions in the debt market or a restricted access to it for municipalities.

 
In order to carry out the analytical research the materials obtained from the city of Odessa were used, including: annual Treasury statements, indicators of the social and economic development, indicators of the city budget, other necessary internal information, as well as the information from the public sources, which the Rating agency considers reliable.

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