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

Placed: 01.12.2016 13:36:25

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

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, diversification of economic complex, the persistence of high rates of socio-economic development, some of which equals or exceeds the national average per capita.
Development of the urban economy of Odessa city in the 1st half of 2016 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 observe reduction of the current population and the average number of staff.
Economic complex of the city continues to show gradual recovery after the recession of 2014-205 years: pace of industrial production, of capital investment, commissioned housing significantly exceeded the national average.

This trend has allowed the city to increase the revenue budget, improve revenue diversification and support measure of budgetary security at a level that exceeds the national average.
As a result of the first half of 2016 revenues to the Odessa city budget has increased compared to the same period last year by 35.2% and amounted to 3 570.6 million UAH., of which own revenues increased by 1.5 times to 2173, 1 million UAH. This contributed to the growth of tax (+ 51.0%) and non-tax revenues (+ 35.7%), income from capital transactions (4.4 times) and official transfers (+ 14.7%). The city budget surplus of the amount of 781.7 million UAH, which is 2.1 times more than in the same period of 2015. According measure of overall liquidity budget increased by 12.8 p. p. and amounted to 28.9%, the highest value.

The city continued to cooperate with financial institutions including international and pay for loans that are directed to the development of urban infrastructure. The consolidated debt of the city during the first half of 2016 increased by 0.03% due to exchange rate differences and on 07.01.2016 was 1 236.5 million. UAH, its relationship to the budget revenues in 2016 (excluding transfers) was 39.3%, which is an acceptable value.

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 consolidate 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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