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/ Main / News / Odessa has merited the highest level of investment attractiveness


Placed: 26.07.2016 16:12:54

Odessa has merited the highest level of investment attractiveness

"Credit Rating" has assigned the credit rating of the city of Odessa uaAA- level, and the level of investment attractiveness at uaINV5 (the highest level)

Credit-Rating, an independent credit rating agency, has assigned a long-term credit rating of Odessa uaAA level on July 25, 2016. The rating has a stable outlook. The City’s investment attractiveness has been determined at uaINV5 (the highest level). The credit rating is based on analysis of the City’s economic and financial indicators for 2013-2015, its demographic data, labour market figures, information on its debt obligations, municipal assets, and development plans.

An obligor or a debt liability with uaAA credit rating is characterized with the VERY STRONG creditworthiness as compared to the other Ukrainian obligors or debt liabilities. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).

Stable outlook indicates that there are no anticipated reasons to change the rating in the course of the year.

Factors maintaining the credit rating:
• City’s high fiscal capacity: per capita, the 2015 municipal revenues excluding transfers exceeded the average level of local budgets (by 12.6%) and of many Ukrainian cities of similar size and status;
• rapidly growing budget revenues (by 153.2% in 2015) and improved liquidity ratios due to, among other things, positive effect from the budget reform;
• diversified City’s economy and low concentrations of revenue sources by key payers of taxes and other mandatory payments;
• moderate vulnerability of the City’s economy and budget to economic risks;
• effective debt management policy pursued by the City’s authorities, focusing on optimization of the amount and structure of debt obligations, and reduction of debt burden on the city budget.

Factors constraining the credit rating:
• A great need for additional funds which are required, among the other things, for rehabilitation of the City’s infrastructure and utility assets;
• impact of adversities on the financial market, and low and unstable business activity in certain sectors, which negatively affects growth potential and financial capacity of businesses.

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