S&P rates Dnipropetrovsk's planned bond 'CCC+'

Standard & Poor’s said yesterday that it rated the city of Dnipropetrovsk’s planned UAH 50 mln senior unsecured bond a ‘CCC+’ long-term local currency debt rating and a ‘uaBB’ rating according to the national scale. The issue is to have fixed quarterly coupon payments at less than 18% per year and three-year maturities. The city plans to use proceeds to finance infrastructure development and capital spending.