KIEV, Dec. 22 - Fitch Ratings has affirmed the city of Kiev’s ratings at Long-term foreign and local currency ratings of 'B+' and a Short-term foreign currency rating of 'B.’

Fitch also affirmed Kiev's National Long-term rating of 'AA+(ukr)'. The Outlooks for the Foreign and Local Long-term ratings are Negative and the National Long-term rating Stable.

The ratings factor in the risk of economic instability, which negatively impacts the city's public finances. Further negative factors include Kiev's weak budget process, the city's unstable institutional framework and political uncertainty.