11:05 13.11.2017

Ratings on Ukraine affirmed at 'B-/B'; Outlook Stable

Ratings on Ukraine affirmed at 'B-/B'; Outlook Stable

S&P Global Ratings has affirmed its 'B-/B' long- and short-term foreign and local currency sovereign credit ratings on Ukraine. The outlook on the long-term foreign and local currency ratings is stable.

"Important reforms that pave the way for the disbursement of the next tranche of support from the International Monetary Fund are under way, but external refinancing needs, especially in 2019-2021, loom large," S&P said.

"The stable outlook reflects our view that over the next 12 months the Ukrainian government will maintain access to official creditor support by pursuing fiscal, financial, and economic reforms," S&P said.

According to its estimates, this year Ukraine's GDP growth will slow down to 2.2% from 2.3%, but next year it will accelerate to 2.9%, and in 2019 it will reach 3%.

The average annual inflation, according to S&P, this year will increase to 14.3% from 13.9% in 2016, but next year will drop to 8.7%, and in a year to 8%.

The rating agency also expects that the hryvnia will remain stable all these years in 2017. It expects that its average annual rate would strengthen to UAH 26.9/$1 from UAH 27.3/$1 in the past year, and then - a slight easing to UAH 27.3/$1 next year and UAH 27.5/$1 - in 2019.

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