Moody's rates Ukraine notes B2

Moody's Investors Service said it assigned a long-term rating of B2 to the $690 million of 7.4% fixed-rate senior global notes due April 2018 issued by the Ukrainian state enterprise called Financing of Infrastructural Projects.

The debt benefits from a full guarantee by the Ukrainian government.

Moody's regards the enterprise as a vehicle of public policy that is not distinguishable from the government.

The agency said it considers the commitment of the Ukrainian government to back the issuer's obligations as no lower than its commitment to service its own sovereign bonds.

The rating reflects the existence of an explicit, irrevocable and unconditional guarantee provided by the Ukrainian government.

The Ukrainian government's long-term foreign-currency bond rating is B2 with a stable outlook, Moody's said.

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