Fitch Ratings upgraded Long-Term Foreign and Local-Currency Issuer Default Ratings (IDR) to ‘B’ from ‘B-‘. The Outlooks are positive as informs the department of economic development of Lviv City Council. In addition Fitch also affirmed to the City of Lviv Long Term National Ratings «AA-(ukr)» with Stable Outlook.

«Lviv is working with rating agency ‘Fitch Ratings’ starting from 2017. Credit rating distribution to the city is one of the assignments under the European bank of reconstruction and development agreements.
It is more than a good outcome and indicates about positive situation if to compare an organizations and institutions within Ukraine.
We value our cooperation with Fitch Ratings and hope for positive changes overall in the state that reflects on the City of Lviv rating as well”, — Roman Staretskyy, Investment Officer of the Lviv City Council.

«Under EU credit rating agency (CRA) regulation, the publication of International Public Finance reviews is subject to restrictions and must take place according to a published schedule, except where it is necessary for CRAs to deviate from this in order to comply with their legal obligations.

Fitch interprets this provision as allowing us to publish a rating review in situations where there is a material change in the creditworthiness of the issuer that we believe makes it inappropriate for us to wait until the next scheduled review date to update the rating or Outlook/Watch status. In this case the deviation was caused by the upgrade of the sovereign’s IDRs.

After recent upgrade of Ukrainian long-term foreign and local-currency issuer ratings (IDR) to ‘B’ from ‘B-‘ and changing of outlook to ‘positive’ from ‘ stable’ we improved Lviv city as its separate credit profile (SCP) is scaled as higher that means its IDR limited by sovereign ratings.

The next scheduled review date for the City of Lviv is December, 13, 2019″, — explained by the department of economic development of the Lviv City Council.