S&P Global Ratings on November 15, 2019, raised its long-term issuer credit rating on the Ukrainian City of Kyiv to 'B' from 'B-.'

"We anticipate that Ukraine's capital city of Kyiv will completely offset its intergovernmental debt with the Ministry of Finance once its infrastructure projects are completed in 2020. This would reduce the city's direct debt by 50% by 2021," the rating agency said in a statement.

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"We believe that uncertainties regarding the potential dismissal of the mayor as the head of the city's state administration and the date of the next municipal election in 2020 will not affect the city's ability to honor its debt obligations," S&P experts said.

The outlook on Kyiv is stable.

"The stable outlook reflects our expectations that Kyiv will preserve its sound operating surpluses, supported by the solid economic recovery. The outlook also factors in our assumption that the city will borrow moderately in the medium term," the rating agency said.