Moody's raises Ukraine rating

AP News
Posted: Oct 11, 2010 11:10 AM
Moody's raises Ukraine rating

Credit ratings agency Moody's has raised Ukraine's sovereign rating after the country secured a $15 billion bailout loan and showed signs of recovery from the global downturn.

The agency raised the rating from negative to stable after the summer loan from the lnternational Monetary Fund.

Moody's also said it was revising Ukraine's outlook because of signs of economic improvement. Led by metals exports, the Ukrainian economy grew 6 percent in the second quarter of 2010 after a 15 percent drop in 2009. The IMF expects the economy to grow 4.5 percent in 2011.

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Dietmar Hornung, the agency's lead analyst for Ukraine, said "a stronger external position along with the economic recovery has reduced Ukraine's susceptibility to financial stress."