Recognizing the critical importance of a qualified assessment of Odessa's credit rating, the Finance Department of the city council has collaborated with rating agencies for over a decade.
On December 5, 2024, the independent agency «Credit-Rating» announced the confirmation of Odessa's long-term credit rating at uaAA-, with a «stable» outlook.
The credit rating is based on an analysis of economic and financial indicators for the first half of 2024 and projected figures for the year, including demographic data, labor market conditions, information regarding the city's debt obligations, and future development plans.
Factors supporting the credit rating:
• high level of budget support: the ratio of the community's general fund income per capita to the average for local budgets was 104.3%;
• increased budget revenues (excluding transfers) from 2014 to 2023, as well as in the first half of 2024, alongside high liquidity indicators;
• diversification of the city's economic structure and low concentration of tax revenues;
• low level of consolidated budget debt and effective municipal debt management policies.
Factors limiting the credit rating:
• negative impacts from Russian military aggression affecting the financial market and the economy;
• substantial need for additional funding to restore municipal infrastructure.
Given the significance of the credit rating assessment for effective local debt management, the Finance Department will continue its collaboration with the rating agency in 2025 to update Odessa's credit rating.
Information regarding all credit ratings determined by the agency can be found on the website www.credit-rating.ua as well as in information systems such as BLOOMBERG and S&P Capital IQ.
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According to the rules established for rating evaluations, updates must occur at least once every six months. On February 28, 2022, «Credit-Rating» announced that due to war-related risks, all ratings were moved to a Watch List. On March 31, 2023, the credit rating of Odessa was updated to uaAA-.
