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Moody’s upgrades Ukraine to B1 from B2

November 10, 2003 | Cbonds

Moody's Investors Service has raised Ukraine's foreign currency ceiling for bonds to B1 from B2 on the heels of four years of strong economic growth and growing foreign currency reserves, supported by prudent fiscal and monetary policies.

Consequently, the ratings for the Republic of Ukraine's foreign-currency bonds were upgraded to B1 from B2. The rating agency also raised the ceiling for foreign currency bank deposits to B2 from B3 and the rating for the government's local currency obligations to B1 from B2. The new ratings all carry a stable outlook.

The Ukrainian economy has benefited from its trade, service, and investment links with the rapidly growing economy of the Russian Federation. Domestic political disagreements within the Ukrainian Parliament and between Parliament and President Leonid Kuchma have not prevented passage of important tax reforms that will provide further economic stimulus in the coming years. Key structural reforms in agriculture have been implemented and pension reform has begun. Reform of the energy sector, accelerated privatization efforts, and continuation of tax reform are important tasks for the future.


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