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Free AccessMoodys upgraded Ukraine's local, foreign....>
UKRAINE: Moodys upgraded Ukraine's local, foreign curr govt issuer, sr unsecured
rtg to Caa2 from Caa3, ups outlk to positive from stable. Moody's upgraded to
Caa2 from Caa3 rtg of Ukraine's 9 sr unsecrd Eurobonds issued" in Nov. 2015 govt
debt exchange operatn. Moody's affirmed Ca senior unsecured rtg of govt's $3Bln
bond sold to Russia in Dec. 2013; "bond is currently in default." It upgraded
"bckd lgterm FX issuer rtg of Financing of Infrastructural Projects to Caa2 from
Caa3," ups outlk to positive from stable. Fininpro's debt is fully guaranteed by
Ukraine gov.
- It cited "cumulative impact of structural reforms that, if sustained, are
expected to improve govt debt dynamics;" "significant strengthening of Ukraine's
external position." Ukraine has "heavy external debt servicing burden" in "next
several yrs that will require additional" FX "funding beyond what offcl lenders
are likely to provide"; "domestic politics and geopolitical tensions cld disrupt
Ukraine's access to private capital mkts," "weaken" currency w/ related "adverse
implicatns" on gov "debt metrics and economic stability"; reforms "if sustained,
cd lead to further improvemts" in "public and external debt sustainability."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.