Tymoshenko says Standard&Poor`s rating biased

18:23, 12 June 2008
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"This is not the only rating agency in the world..."

Prime Minister of Ukraine Yulia Tymoshenko states that the reduction of the long-term ratings of Ukraine by Standard&Poor`s agency was biased and conditional.

According to an UNIAN correspondent, she claimed this to journalists at a press conference in Zaporizhzhya today.

“All these are rather biased and conditional issues… This is not the only rating agency in the world”, Yulia Tymoshenko said, having compared the results of the agency with the results of sociologic polls. The Prime Minister stressed that the polls, carried out by different companies, may differ very much.

According to the Prime Minister, the unbiased assessment of the Ukrainian government’s work is provided by its high economical results, achieved over the last 5 months. In particular, she stressed, the number of investments to Ukraine boosted by  4 times compared to the same period of the last year. “This is the real assessment of the rating of Ukraine”, the Prime Minister emphasized.

As UNIAN reported earlier, Standard & Poor`s Ratings Services said it has lowered its long-term foreign currency sovereign credit rating on Ukraine to `B+` from `BB-` and long-term local currency rating to `BB-` from `BB`, citing the failure of authorities to put into place adequate policy measures to counter rising inflation in Ukraine`s overheating economy. According to Thompson Financial, the outlook is stable and balances the sovereign`s relatively underleveraged balance sheet and potential for greater economic diversification against rising inflationary and external pressures, S&P said.

The rating agency affirmed the `B` short-term local and foreign currency sovereign credit ratings and the `uaAA` Ukraine national scale rating.


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