S&P bumps Ukraine's outlook up to positive

Standard & Poor’s, in a statement on Friday, said that it upgraded the outlook on Ukraine’s credit ratings to positive, from negative. The ratings agency confirmed the country’s ‘CCC+/C’ long-term and short-term foreign currency sovereign ratings, ‘B-/C’ long-term and short-term currency ratings and ‘uaBBB’ national rating. S&P said the revision reflects progress made on structural budgetary and financial sector reforms in compliance with the country’s loan agreement with the International Monetary Fund. Oleksandr Klymchuk: The revision of the outlook had a positive short-term effect on the prices of the sovereign Eurobonds. In its release, S&P said that the successful implementation of the remainder of the IMF program, which we expect to take place, could lay the foundation for more sustainable growth of the Ukrainian economy and budgetary performance and lead to an upgrade in Ukraine’s foreign currency rating.