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MOSCOW, November 12. /TASS/. Fitch Ratings has upgraded Ukraine's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC' with the stable outlook.
"High external financing pressures have eased. International reserves have increased by USD2bn over the first 10 months of 2016 to USD15.5bn (around 3.5 months of current external payments), due to bilateral and multilateral support, improvement in some export prices, greater domestic confidence and increased exchange rate flexibility," Fitch said in its press release.
"However, the liquidity ratio remains weak and well below the 'B' median," the ratings agency added.
The Ukrainian rating was for the last time reconsidered in May 2016. Fitch then left it at the level ‘CCC’ due to a lack of progress on the reform program.