Moody’s upgrades Ukraine’s rating to Caa1 from Caa2

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Moody’s has upgraded Government of Ukraine’s issuer and senior unsecured bond ratings to Caa1 from Caa2. The outlook on these ratings has been changed to stable from positive.

The key drivers for the upgrade to Caa1 from Caa2 are the following:

1. The anticipated improvement in external strength as a consequence of the new Stand-by Arrangement reached with the IMF, including the likelihood of renewed capital market access that will reduce the risk of default;

2. Our expectations that recently adopted reforms will make incremental progress on reducing corruption, one of the country most credit-negative institutional weaknesses;

3. An incremental improvement in Ukraine’s resilience to the ongoing conflict with russia.

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