Page 56 - UKRRptNov19

8.3 Stock market
8.4 International ratings
Ukraine - Rating agency
as of May 1, 2018
last change
Moodys (USD rating)
Caa1 (S)
21/12/18
Fitch (USD rating)
B- (S)
22/7/16
S&P
B- (S)
25/9/15
S&P Global Ratings raised its long-term foreign and local currency sovereign ratings on Ukraine to B from B- with a Stable ratings outlook, the agency reported on September 27. The ratings are supported by improving government finances, the declining general government debt-to-GDP ratio, as well as Ukraine's ongoing implementation of reforms, S&P commented. The agency forecasts Ukraine’s economy will grow 3.2% in 2019 and 3.0% in 2020, while the government debt-to-GDP will decrease to 52.5% in 2020 from 60.9% in 2018. Risks to S&P’s growth projections include a slowdown in external demand for Ukraine's key commodity exports and a flare-up of geopolitical tensions with Russia.
Fitch upgared Ukraine on September 6 to B from B- on its foreign currency debt with no outlook indicated. Fitch has become more cautious on Ukraine having removed its positive outlook call in December 2018. But the ratings have general recovered from Fitch “restricted default” rating in October 2015, following the Maidan events. The highest rating the country has had from Fitch was a BB- (positive) first awarded in May 2005 and again in October 2006, during a year-long investment frenzy when foreign banks bought up banks in the country believing the country was about to take off.
56 UKRAINE Country Report November 2019 www.intellinews.com