Local self-government :: Municipal

30.04.2009: Credit-Rating: repayment of communal heat suppliers’ debts with the local budget funds may prompt lowering municipal ratings; In Credit-Ratings view, the fact that Ukrainian cities attract borrowed funds for repayment of debts accrued for natural gas supply may prompt uncontrolled rise in debt burden of local budgets. The payment procedures for natural gas has been approved by the Governments decree #392 dated April 22, 2009, according to which the cities should raise special-purpose loans via issuance of exchange bills and further transfer the funds to heat suppliers so that would repay their indebtedness towards NAK Naftogaz...

16.04.2009: Credit-Rating: Potential and Prospects for Industrial Cities Under Crisis; The economic downturn, which occurred in the majority of Ukraine`s industries in 2H2008, has affected not only cities` current creditworthiness, but has also predetermined in many aspects their capacities to meet the middle- and long-term obligations.

01.04.2009: Effects from fulfillment of Ukraine's budget in 2008 and outlooks for implementation of budget policy by local self-governments in 2009; The economic downturn, which spread across the majority of Ukraine's economy sectors over 2H2008 has lastly affected fulfillment of local budgets by local governments. The growth in unemployment and decreasing salary fund, deteriorating solvency of communal companies have definitely had a negative impact on revenues of the local budgets...; source: «КР Монитор», 3 (20) April

26.03.2009: Credit-Rating: deficit of budgetary funds hampers financing the expenditure items in local budgets; Credit-Rating believes that the local governments will face difficulties associated with discrete continuous financing the expenditure items of the local budgets. Poor intensity of funds incoming to the budgets` revenues as well as increased number of local governments` applications for non-interest treasury loans prompted the fact that the median volume of balances recorded in March and February 2009 decreased by 2...

05.12.2008: Credit-Rating: Survival Test for Local Budgets; Credit-Rating notes that decline in indicators of country`s social and economic development, which effects became evident in already 4Q2008, has negative impact on local budget revenues under their high expenditures for financing the budget-funded sector. October and November 2008 saw decrease in the employment rate and cutbacks in workweek at many companies operating in real economy sector...

14.10.2008: Credit-Rating: Early elections as a regular challenge for budgetary process in Ukraine; The parliament dissolved weeks before the new budgetary period may drastically hamper proper activities executed by Ukrainian municipalities in 2009, and, according to Credit-Rating`s head for municipal sector Elena Samoylova, `will negatively affect their creditworthiness`...

27.08.2008: Credit-Rating: New program on reforms in utilities sector to be efficient only in a far future; Credit-Rating thinks that in case the program for reforms in Ukraine`s housing and utilities sector to 2012, which draft has been presented in July 2008, is approved, the effects from its implementation may be expected in far future only. This program does not create conditions for enhancements in the industry`s financial and economic state and renovations of its assets...

24.07.2008: Decrease in limitations on external loan attraction by municipal authorities of Ukraine will not lead to significant increase of their external debt; Credit-Rating considers that possible increase in the number of cities, which can get a right to attract external borrowings in a case of adoption of the alterations to the Budget of Ukraine, will not negatively affect the dynamics of external debt of the municipal authorities in mid-term...

23.04.2008: Credit-Rating: Lending to utility enterprises will weigh on local budgets; Credit-Rating believes that the rising volume of loans granted to utility enterprises for renovation of the infrastructure in 2008, with city councils acting as sureties to these loans, may lead to significant increases in consolidated debts of municipalities, which may prospectively hamper their capacity to repay the direct debt obligations...

28.01.2008: Municipal borrowings expected to grow in 2008; Credit-Rating anticipates a surge in overall volume of municipal borrowings in 2008. Such cities as Zaporizhya, Vinnitsa, Lutsk, Cherkassy and others have already experienced bond issuances. Credit-Rating expects more 10 oblast centres and cities of regional importance, which have not attracted funds from the market before, to use such leverage...

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