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Wednesday, March 28, 2007

Kiev administration is going to get Fitch

The Kyiv city state administration wants to get rating of the Fitch international rating agency before 2008, said Denys Bass, first deputy chairman of the Kiev city administration

"I think we shall get the rating from the Fitch agency, which we have not still obtained, in order to hold a complete set. I think we shall be awarded with it until the end of the year," said Bass. He added that the Kiev city administration wants that the Fitch rating will the same as for Ukraine at all.

Besides, Bass announced the Kiev city administration intentions to take the similar negotiations with the Moody's and Standard & Poor's, regarding increasing the rating.

He thinks that obtaining the Fitch rating and upgrading the two other ratings will help the Kiev city administration in getting the lowest interest-rate on issue of Kiev Eurobonds, which the administration plans to issue in Summer 2007.

In July 2006 Standard & Poor's upgraded Kiev's long-term credit rating from B+ to BB-. In December 2006 the Moody's international rating agency upgraded Kyiv's rating from B2 to B1 due to introduction of a new technique of awarding ratings.