Page 48 - bne IntelliNews Country Report: Ukraine Dec17

25% stakes in DTEK subsidiaries including electricity generators DTEK Zakhidenergo and DTEK Dniproenergo, vertically integrated utility Kyivenergo, and two electricity distribution companies DTEK-Donetskoblenergo and DTEK-Dniprooblenergo.
8.3.1 Equity market dynamics 8.3.2 Dividends dynamics
8.4 International ratings
Ukraine’s agricultural holding IMC has paid the first dividends in the
company's history to its shareholders. The amount of dividends paid was about €1.66mn, the company said on November 17. The company said that EUR 0.05 per share was paid.
Ukraine - Rating agency
as of Sept 2016
Bond rating: Moodys
Caa3 (S)
Bond rating: Fitch
CCC (S)
Bond rating: S&P
B- (S)
S&P Global Ratings affirmed its 'B-/B' long- and short-term foreign and local currency sovereign credit ratings for Ukraine, while the outlook on the long-term foreign and local currency ratings is stable, the agency said in a statement on November 10.
At the same time, S&P affirmed the 'uaBBB-' Ukraine national scale rating.
"Our ratings on Ukraine reflect the country's weak economy measured by per capita income and it's challenging institutional and political environment that remains heavily influenced by the lingering conflict in the east of Ukraine," the statement reads. "Moreover, our ratings remain constrained by Ukraine's large external refinancing risks, which necessitate continued compliance with Ukraine's IMF programme."
Earlier, Ukraine and the IMF failed to agree a new price-setting formula for domestic gas tariffs, which is crucial for the continuation of existing funding from the $17.5bn bailout agreed with the IMF in 2015. The greenlighting of pension reform and creation of a specialised anti-corruption court are among other steps that are necessary for further IMF funding.
S&P believes that continued reform efforts and compliance with the conditions attached to the IMF's $17.5bn programme agreed in 2015 will be "crucial" to keep Ukraine's recovery on track and support access to international capital markets.
"To that end, Ukrainian authorities are making progress on some reforms, but have moved only very gradually. This will likely delay the disbursement of the next IMF tranche, the fourth under this program, until at least the first quarter of 2018," the statement reads.
In S&P view, the reforms necessary to ensure the next disbursement are politically challenging, and therefore require more time. "The window of
48 UKRAINE Country Report December 2017 www.intellinews.com