OREANDA-NEWS. Fitch Ratings has today affirmed the Ukrainian City of Odessa's Long-term foreign and local currency ratings at 'B+' and Short-term foreign currency rating at 'B'. The Outlooks on the Long-term ratings are Stable.

Odessa's ratings reflect significant budget rigidity and heavy reliance on a single revenue source for financing capital investments.

They also reflect a strong and diversified local economy that allows for stable budgetary performance, as well as the city's high capital spending and improved debt structure.

The Stable Outlook reflects Fitch's expectations that economic growth will further drive operating and capital revenue gains to compensate for expected operating expenditure pressures, providing the city with sufficient capital expenditure funding.