Vitaliy Klichko
On December 3, the Kyiv City State Administration's Finance Department signed a series of agreements totaling $221 (UAH 5,28 million). This money was used to assign Kyiv a credit rating, according to the Public Procurement Bulletin.
The lists include Fitch Ratings Ltd., Moody's Investors Service Ltd., and Standard & Poor's Credit Market Services Europe Limited. They are required to assign a specific credit rating to the capital and also to assess the rating of Kyiv's domestic bond issue worth UAH 2,375 billion.
As a reminder, on November 12, Kyiv's rating was downgraded from EC (near default) to D (default) after the City Council approved the conversion of the city's municipal debt to government debt, writing off a quarter of the debt and revising the repayment terms. The city also defaulted on its Eurobonds, amounting to UAH 250 million.
Moreover, the agreements with the companies were concluded without a competitive bidding process. It's worth noting that these companies have been receiving contracts to compile Kyiv's rankings for the past five years.
SKELET-info
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