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Ukraine Rating Upgraded

Ukraine Rating UpgradedUkraine Rating Upgraded

Moody’s Investors Service has upgraded the government of Ukraine’s local and foreign currency issuer and senior unsecured ratings to ‘Caa2’ from ‘Caa3’ and changed the rating outlook to ‘positive’ from ‘stable’, the agency said in a press release, Tass reported. “The upgrade of Ukraine’s government ratings to Caa2 from Caa3 is based on the following key drivers: the cumulative impact of structural reforms that, if sustained, are expected to improve government debt dynamics; the significant strengthening of Ukraine’s external position,” the report said. At the same time, Moody’s affirmed the ‘Ca’ senior unsecured rating of the government’s $3 billion bond sold to Russia in December 2013. The bond is currently in default, Moody’s said.

 

 

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