S&P Assigns BB- to City of Kyiv's Upcoming Bond Issue

According to Interfax, Standard & Poor’s assigned a preliminary BB- rating to the city of Kyiv’s upcoming bond issue. According to S&P, UAH 1.25 bln (USD 248 mln) is planned to be issued with a five-year tenor and the quarterly coupon capped at a ceiling of 16.5% per annum. Placement is scheduled for May 2008 with proceeds directed to construction and redeeming bonds maturing in 2008.