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/ Main / News / UCRA confirmed the credit rating of Odessa on the level of «uaA» assessing it as «stable»


Placed: 21.11.2014 18:18:42

UCRA confirmed the credit rating of Odessa on the level of «uaA» assessing it as «stable»

"Ukrainian credit rating agency" announced the confirmation of the long-term credit rating of Odessa on the uaA level assessing it as "stable"

November 21, 2014 "Ukrainian credit rating agency" announced the confirmation of the long-term credit rating of Odessa on the uaA level. The rating outlook is "stable". The reporting on the local budget for the first half of 2014, indicators of socio-economic development of the city, as well as the other information provided in the rating process has been used to update the ranking.


Odessa is a city of regional significance, the administrative center of the region, an important industrial, scientific, financial, transport, tourist and cultural center of Ukraine. Odessa is on the third rank in Ukraine by population (1 014.4 thousand people as of 01.07.2014) and refers to the major cities. The level of socio-economic development of the city is high as in previous periods, but the recovery rate of growth of the majority of indicators characterizing the state of the local economy during the analyzed period has not been realized. The continuation of the economic downturn and a deep political crisis in Ukraine in general affected on the city's economy and its financial condition in the first half of 2014 year.


The credit rating is supported by the diversification of the economy of the city by the types of economic activity and low concentration level of income from the major payers of taxes and other obligatory payments. The city retains the high level of budgetary provision: the budget revenues per citizen (excluding transfers) in Odessa are higher than in the other cities of Ukraine. The agency also notes an effective policy of the city authorities undertaken in the management of local debt in order to optimize its size and structure.


The credit rating is limited by dependence of local revenues on equalization grants from the state budget. The Agency notes the significant need for additional funding, including the restoration of urban infrastructure and housing. In addition, the agency has a thought that the worsening political and economic situation in the country, affects the growth potential and the ability of economic subjects to pay.


The "stable" rating outlook indicates the absence of preconditions for changes during the year.



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