Fitch Ratings has upgraded Ukraine's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC', Fitch has said in a press release.

The Outlook is Stable.

The issue ratings on Ukraine's long-term senior unsecured foreign- and local-currency bonds are also upgraded to 'B-' from 'CCC', and the sovereign's short-term senior unsecured foreign- and local-currency bonds are upgraded to 'B' from 'C'.

The Country Ceiling has been upgraded to 'B-' from 'CCC' and the Short-Term Foreign- and Local-Currency IDRs to 'B' from 'C'.