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Moody’s upgrades Ukrainian rating, changes outlook to positive
15:21, 26 August 2017
Moody’s upgrades Ukrainian rating, changes outlook to positive

The rating upgrade was constrained to one notch because Ukraine faces a heavy external debt servicing burden over the next several years

15:21, 26 August 2017

Open source

Moody's Investors Service upgraded the rating of the Ukrainian government in Ukrainian and foreign currency by one notch, from Caa3 to Caa2, and changed the outlook from stable to positive, as their website informs.

The upgrade of Ukraine's government ratings to Caa2 from Caa3 is based on the cumulative impact of structural reforms that, if sustained, are expected to improve government debt dynamics, and the significant strengthening of Ukraine's external position.

“Such reform momentum would also support Ukraine's renewed access to global capital markets, which would provide an easier route to refinancing significant external debt payments from 2019 onward,” the agency says.

The rating upgrade was constrained to one notch because Ukraine faces a heavy external debt servicing burden over the next several years that will require additional foreign currency funding beyond what official lenders are likely to provide.

Related: Reuters: Flaring Ukraine tensions negative for Russia rating - Moody's

Related: IFC gets loan in hryvnia for first time

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