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Fitch upgrades Ukraine as new government plans to continue IMF engagement

Fitch Ratings upgraded Ukraine's sovereign credit ratings, saying the country's creditworthiness is expected to further improve due to consistent macroeconomic policies and engagement with international financial institutions under the newly formed government of Prime Minister Oleksiy Honcharuk.

Ukraine's long-term foreign- and local-currency issuer default ratings were raised to B from B-, Fitch said. The outlook on the ratings is positive.

Fitch said key economic policymakers are staying in Honcharuk's government, which will support consistency in policies that drive reduced macroeconomic imbalances and improved stability. Additionally, Honcharuk's plan to negotiate with the International Monetary Fund for a new and longer program with a potential extended fund facility will provide easier access to financing to meet sovereign debt repayments in 2020 and 2021 and serve as "an anchor" for policies and reforms that could improve prospects for growth, Fitch added. Ukraine's external financing needs are expected to remain high at 69% and 75% of international reserves in 2020 and 2021, according to the rating agency.