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On December 22, Moody's Investors Service changed to stable from negative the outlook on the City of Kyiv's foreign- and local-currency ratings, according to the press release posted on the agency's website.
At the same time, Moody's affirmed the city's Ca ratings, according to the report.
The main drivers of the City of Kyiv's outlook change are the substantial progress in negotiations with creditors to restructure its foreign-currency debt as well as the decrease in systemic risk, given the Ukrainian government's improved credit profile, as reflected by Moody's recent upgrade of the sovereign's government bond rating to Caa3 stable from Ca negative.
Read also Moody's changes outlook on Russia's Ba1 government bond rating to stableAlso the international rating agency Standard & Roor's upgraded its long-term rating of Kyiv's foreign and local currency from default level D to CCC +.
"The rating action follows the completion of Kyiv's distressed debt exchange on December 22, 2015. The raising of the ratings to 'CCC+' reflects stronger budgetary performance on the back of a strong recovery of tax revenues and a lower debt burden following debt restructuring," S&P said in its report.