S&P yesterday raised Ukraine’s LT sovereign foreign currency rating by one notch to ‘B+’ (stable outlook) on the heels of the IMF’s approval of the new US$ 15.2bn Stand-By loan facility. The agency said the IMF program makes stability-oriented policy measures that enhance the resilience of the Ukrainian economy and public finances more likely. S&P also noted that July’s budget revisions bring the 2010 fiscal plan in-line with the IMF’s budget deficit target of 5.5% of 2010E GDP.
Last market comment 09.09.10
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