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Japanese Credit Rating Agency R&I Upgraded Ukraine's Rating from B to B +

Japanese credit rating agency Rating and Investment Information (R&I) upgraded Ukraine's foreign currency issuer rating from B to B +, the outlook is stable.

The Japan Credit Agency notes that Ukraine's financial support from the International Monetary Fund, along with loans from the World Bank and the European Union, will help stabilize the government's funding, which R&I views favorably. The agency expects that improved political and social stability will allow the government to focus on rebuilding the country's economy.

The decline in Ukraine's economy this year is largely due to the novel coronavirus outbreak, stay-at-home orders, and the economic slump in Europe, the main export destination for Ukraine. Analysts at R&I predict that favorable economic conditions and conservative fiscal policy in Ukraine will return next year. Ukraine is expected to continue structural reforms, including those provided in the IMF Program.

The agency's analysts noted that Ukraine's international reserves are growing, external debt to GDP is declining, and public debt to GDP has decreased to 44.3% as of the end of 2019.

More information on raising the rating is here