30 July 2010
Standard & Poor’s announced yesterday it raised Ukraine’s long-term sovereign foreign currency ratings up one step from ‘B’ to ‘B+’ and its long-term sovereign local currency rating from ‘B+’ to ‘BB-’; outlook stable. S&P removed the ratings from CreditWatch, where they had been placed with positive implications on July 22. The action follows Wednesday’s decision by the executive board of the International Monetary Fund to provide Ukraine with a 2.5-year USD 15 bln standby agreement. S&P said the outlook reflects relatively low government debt and significant natural & human resources, as well as the volatility and vulnerability of Ukraine’s economy.