Moody's ups Colvis outlook to positive

Moody's Investors Service said it changed the outlook to positive from stable on Colvis Finance Ltd.'s $107.5 million notes due 2009, which are supported by the state of Ukraine. The underlying borrower is Ukraine-based Yuzhmash.

This action reflects the Nov. 10 change on the outlook for the ratings of the Ukraine to positive.

The notes indirectly benefit from an irrevocable and unconditional guarantee from the State of Ukraine, Moody's said. As a consequence of the benefits from the guarantee, the notes were assigned the same rating as the rating for the State of Ukraine's foreign-currency bonds, the agency said.

Going forward, if the rating for the Ukraine is altered, the rating on the notes will be amended accordingly, the agency added.

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