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S&P upgrades Ukraine, raises GDP growth forecast for 2019

S&P Global Ratings upgraded Ukraine's long-term foreign and local currency sovereign ratings to B from B-, citing the country's improving economic growth and narrowing fiscal deficits.

As part of the ratings action, Ukraine's short-term ratings were affirmed at B. The outlook on the ratings is stable.

The rating agency raised its real GDP growth forecast for Ukraine to 3.2% for 2019 from a previous estimate of 2.5%. Economic expansion is projected to come in at 3% on average over 2020-2022.

Ukraine's general government deficit is forecast to stay near 2% of GDP through 2020, in line with expectations that the country will maintain engagements with international financial institutions for its financing needs, S&P Global Ratings said.

In upgrading the ratings, S&P Global Ratings also cited the increase in Ukraine's foreign exchange reserves, which have risen to $22 billion from $7.5 billion at the end of 2014.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.