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/ Main / News / IBI-Rating has upgraded the credit rating of the city of Odessa from uaА- to uaA grade

Placed: 13.10.2015 11:27:25

IBI-Rating has upgraded the credit rating of the city of Odessa from uaА- to uaA grade

IBI-Rating informs on upgrading of the credit rating of the city of Odessa from uaА- to uaA grade, while affirming the "stable" outlook

Upgrading of the credit rating of the city of Odessa was induced by sustainable dynamics of increase in revenues to the city budget over the past three years, particularly by 46% in the first half of 2015 as compared to the same period of the previous year and which was inter alia contributed by diversification of the budget revenue sources, as well as the reduced direct debt burden on the budget revenues as a consequence of repayment of the loan provided by a foreign bank.

At the same time, the credit rating of the city of Odessa is determined by the city’s significance as an economic center of the southern part of Ukraine, preserving most of indicators of social and economic development, a high level of budgetary security of the city, as well as high diversification of the budget revenues.

The municipal economy development of the city of Odessa in the first half in 2015 were affected by the economic recession and political instability in Ukraine. Under these circumstances, against the background of the average monthly wage, there was observed a decrease in population, in the average number of full-time employees, and an increase in arrears of wages. The city enterprises have increased volumes of sales of industrial output in monetary terms including those for export, as well as the volume of the retail commodity turnover. Based on the results of 1st half-year of 2015 budget revenues were higher as compared to the previous year, which allowed to keep the indicator of the budget provision per capita at the level exceeding the average for Ukraine. The city continues to cooperate with international financial institutions and pay off loans ahead of schedule, the proceeds of which are forwarded to the development of the city infrastructure. In first half of 2015 the consolidated debt increased by 11%, direct debt decreased by 32%, resulting in its ratio to the budget revenues excluding transfers for 2015 decreasing from 14% to 9%, which is an acceptable indicator.

A positive impact on the credit rating of the city may have the following: a significant increase in the revenue part of the budget of the city of Odessa, exceeding of all-Ukrainian indicators of social and economic development; reduction of the consolidated debt. A negative impact on the credit rating of the city may have the following: decline of the performance indicator of the budget revenues, reduced liquidity, growth of debt, further deterioration of the political or economic situation in Ukraine or in the region, as well as deterioration of the situation in the loan market, or a restricted access to it for the municipalities.

In order to perform the analytical research the materials received from the city of Odessa were used, including the annual Treasury statements during the period of 2013-2014 and the first half of 2015, indicators of social and economic development and budget of the city, other necessary internal information as well as the information from public sources, which the Rating agency considers reliable.

IBI-Rating also informs on the affirmation of the rating of investment attractiveness of the city of Odessa at invA + grade (high investment attractiveness). Read more


Press service of IBI-Rating


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