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 12.
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.”
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