S&P raises Ukraine’s sovereign credit ratings

"We are raising our foreign currency sovereign credit ratings on Ukraine to 'B-/B' from 'SD/D' and our local currency sovereign credit ratings to 'B-/B' from 'CCC+/C'," reads the report by Standard & Poor’s.

"We view the risk of another default in the next two to three years as diminished due to the Ukrainian authorities' commitment to the reforms set out in the International Monetary Fund (IMF) program."

S&P stated that the stable forecast suggests the Ukrainian authorities continue the course toward economic reforms.

As UNIAN reported earlier, Fitch rating agency had also stated it would be raising Ukraine’s sovereign credit ratings, which were earlier downgraded to RD (Restricted Default), as long as the conditions of debt restructuring deal are implemented, and as long as the compromise is reached with the holders of “short” bonds.