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


Placed: 04.07.2017 12:14:50

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

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




IBI - Rating informs on affirming of the credit rating of Odessa city at uaA grade, keeping the «stable» outlook .

The affirmed credit rating grade of Odessa city is due to significance of the city as an economic centre of the southern part of Ukraine, the city’s diversified economic complex, its keeping high indicators of social and economic development, some of which are either equal or exceed the average national values per capita.

Development of the city economy of Odessa in 2016 continued to be under the pressure of the economic and political instability in Ukraine. Given this process, against the background of an increase in the average monthly wages, a reduction in the number of the current population and the average number of full - time employees were also observed in the city.

In these conditions, in 2014-2015, the city’s economic complex continued to demonstrate gradual recovery from recession: the pace of the industrial output sold, capital investments assimilated, completed construction works exceeded the national average values.

The mentioned tendency, measures on decentralization allowed the city to continue increasing the budget revenues, to improve diversification of the budget revenues and to maintain the indicator of the budget provision at a higher level than the average level in Ukraine.

By results of 2016, the amount of revenues to the budget of Odessa city grew by 30.6%, as compared to 2015, amounting to UAH 7 442.1 m , including an increase in the own revenues by 1.5 times to the amount of UAH 4 759.3 m . To this contributed the growth of tax revenues (+50 . 7%) and non-tax revenues (+26.2%), revenues from capital transactions ( by 2.2 times ), as well as official transfers from the budgets of higher levels (+7.5%). The city budget was consolidated with a surplus in the amount of UAH 11.9 m, versus UAH 343.5 m of the previous year. Although the indicator of the total liquidity of the budget decreased by 2 p.p. to 14.1% as at 01.01.2017,h owever, it continued to be high.

The city continued cooperating with financial institutions, including international financial institutions and repaying the loans aimed at developing of the city infrastructure. During 2016, the consolidated debt of the city increased by 4.2% due to the exchange rate differences, amounting to UAH 1 288.6 m, as at 01.01.2017. The ratio of the city ’s consolidated debt to the city budget revenues in 2016 ( net of transfers ) accounted for 27.1%, being an acceptable value.

A positive impact on the credit rating may have, as follows: increased revenues to Odessa city budget, most indicators of social and economic development exceeding the average national values, reduction in the consolidated debt of the city.
A negative impact on the credit rating may have, as follows: decreased indicators of the budget revenues, reduction in liqu idity, an increase in debt obligations, further deterioration of the political or economic situation in Ukraine or the region .

In order to conduct the analytical research the materials obtained from Odessa city have been used, including: annual treasury statements, indicators of the city social and economic development and the city budget, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.


Press service of IBI - Rating

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