KIEV, Nov. 6 – Standard & Poor's Ratings Services has assigned a 'B-' debt rating with a recovery rating of '4' to the City of Kiev's proposed amortizing senior unsecured bond worth UAH 2 billion (about $250 million).

At the same time, S&P placed the rating on CreditWatch with negative implications.

According to the agency, S&P equalizes the issue rating on bonds with a '4' recovery rating with the issuer credit rating (ICR). The '4' recovery rating indicates the rating agency's expectation of average (30%-50%) recovery in the event of a payment default.

The rating on the proposed bond is therefore in line with the ICR on the City of Kiev (B-/Watch Neg/--), which is on CreditWatch Negative owing to the city's slow progress in securing refinancing for $250 million of loan participation notes due in November this year.