S&P cuts Lviv to SD for coupon miss; raises it to CCC+

Standard & Poor’s, in a statement released yesterday, said it downgraded the city of Lviv to ‘SD’ (selective default) and subsequently raised the rating back to ‘CCC+/uaBB’ to reflect the missed coupon payment and subsequent payment. S&P assigned a negative outlook to the rating. Lviv said it missed the UAH 1.2 mln payment by one day because of processing problems; the coupon was settled on January 27.