Moody's Investors Service has upgraded the ratings and assessments of six Ukrainian banks, namely PrivatBank, Oshchadbank [Savings Bank of Ukraine], Ukreximbank, Raiffeisen Bank Aval, Pivdenny Bank, and Sberbank.

Read alsoMoody's upgrades PrivatBank's ratings

"Moody's upgraded the long-term FC [foreign currency] deposit ratings of six banks to Caa1 from Caa2 with a stable outlook," Moody's said in a press release on June 16, 2020.

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As UNIAN reported earlier, Moody's Investors Service on June 12 upgraded the Government of Ukraine's long-term issuer and senior unsecured ratings to B3 from Caa1, the outlook on the ratings is stable.

With the economy forecasted by Moody's to contract by 4.5% this year and the fiscal response to the coronavirus outbreak, the government's budget deficit is expected to increase to 7.5% of GDP in 2020, up from a deficit of 2.0% of GDP in 2019.