Moody’s Investors Service upgraded Ukraine’s outlook in its ranking; this became possible thanks to the progress this country made over the last 2.5 years.
‘Moody's Investors Service (Moody's) … 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. Consequently, Moody's has upgraded to Caa2 from Caa3 the ratings of Ukraine's nine senior unsecured eurobonds issued in the context of the government's debt exchange operation in November 2015. (…) 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 on the significant strengthening of Ukraine's external position,’ reads the message at Moody’s website.
According to President Petro Poroshenko, such success is closely tied to implementation of reforms in Ukraine.
‘The key factors, marked in the report, are the structural reforms that we carry out – specifically, those in the gas sector, in public purchases, taxation and VAT management, and of course, powerful transformation in the banking sector,’ he posted in his Facebook page.