S&P has confirmed a rating of Kiev with a stable Outlook

The international rating Agency S&P Global Ratings has affirmed the long-term credit rating “B-” Ukrainian capital city of Kiev with “stable”Outlook.

“After debt restructuring at the city of Kiev is not commercial debts. Its direct debt consists of intergovernmental obligations to the Central government,” reads the Agency’s report on Friday.

S&P believes that the cash reserves of the city are likely to remain high and will serve as a buffer if the city is going to need the support of its government-related entities.

The Agency believes that the strong budget performance will allow the city to confront the uncertainties of an unstable institutional structure of Ukraine.