The Ministry of Finance welcomes the decision of Fitch and
Moody's rating agencies to upgrade Ukraine's long term sovereign rating from
‘Restricted Default’ to ‘CCC’, and from Ca to Caa3 respectively. These upgrades
are direct and positive effects of Ukraine’s sovereign debt restructuring which
was successfully concluded, alongside the issuance of new bonds, on November
As a result, Ukraine has achieved an immediate debt relief
of US$3bn and has postponed US$8.5bn in debt payments until after 2018.
Following S&P's recent rating upgrade, the decisions of
Moody’s and Fitch represents a significant step towards Ukraine’s return to
international capital markets in the medium term, as envisioned under the
IMF-supported Extended Fund Facility (EFF) program. All three major rating
agencies have now upgraded Ukraine's sovereign rating. These upgrades will also
facilitate international financing of Ukrainian companies and banks, which will
benefit their international and domestic operations.
Minister of Finance Natalie Jaresko
commented, “This is further positive news that validates our efforts at creating
the economic breathing room our country needs for a return to growth in 2016.
Our successful debt restructuring, increased public debt sustainability,
stabilized currency, and the fundamental reforms of our banking and energy
sectors are highlighted as key reasons for Fitch’s positive view of Ukraine’s
long-term sovereign rating. These announcements validate
progress in our reform efforts to date and reinforces our determination
to continue on this path.”