Moody's upgrades Ukraine

Moody's said it upgraded the Government of Ukraine's issuer and senior unsecured bond ratings to Caa1 from Caa2.

The outlook on these ratings has been changed to stable from positive.

Excluded from the upgrade is the rating on the $3 billion eurobond that Ukraine sold exclusively to the Russian government in December 2013, which is in default due to the military and political dispute between the two governments. Moody's has affirmed the rating on that bond at Ca.

Moody’s said the key drivers for the upgrade are the anticipated improvement in external strength as a consequence of the new Stand-by Arrangement reached with the IMF; expectations that recently adopted reforms will make incremental progress on reducing corruption; and incremental improvement in Ukraine's resilience to the ongoing conflict with Russia.

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