Fitch Rating, a global leader in credit ratings and research, has upgraded Ukraine's Long-Term Foreign and National Currency Issuer Default Ratings (IDR) from “B-” to “B” and improved Outlook from stable to positive.

“We have our first small victory. The positive dynamics in the ratings of such agencies is an indicator of trust in the country, which is an opportunity to leverage more investment. Both inside and outside. Our mission includes to ensure long-term cheap lending and lower cost of capital”, said Prime Minister of Ukraine Oleksiy Honcharuk.

Fitch Rating notes that Ukraine has demonstrated timely access to fiscal and external financing, improving macroeconomic stability and declining public indebtedness, while a shortened electoral period has reduced domestic political uncertainty. The unity of the new young team of the President, the Verkhovna Rada and the Government, a common position and political will to implement the complex and necessary reforms is among the reasons for the improvement of Ukraine's position in the ranking.

Expected macroeconomic policy continuity, the new government's strong stated commitment to structural reforms and engagement with IFIs mean that Fitch expects further improvements in creditworthiness, the report reads.

PM Oleksiy Goncharuk also added that among the priorities for the new Government in activity are strengthening cooperation with the IMF and other international partners, currency liberalization and intensifying the fight against raiding and smuggling.