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Moody's Improves Ukraine's Outlook From Stable To Positive

Moody's Improves Ukraine's Outlook From Stable To Positive

13 November 2008

Moody’s Ratings Service announced on Friday that it had changed its outlook for Ukraine’s B1-rated local and foreign currency medium-to-long-term government bonds, B2-rated foreign currency bank deposit ceiling and Ba3-rated foreign currency country ceiling for bonds to positive from stable due to increased political stability in the country. Oleksandr Klymchuk: It appears ratings agencies are becoming less conservative in their approach toward Ukraine as Fitch also improved its outlook on Oct 25. Among the leading ratings agencies, Moody’s gives the lowest rating (B1) to Ukrainian local and foreign currency government debt. However, Ukraine’s Market Implied Rating (according to Moody’s) is as much as three notches higher at Ba1. We welcome the outlook change, which should help the government with its USD 1 bln Eurobond placement and expect further upgrades from Moody’s.

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