Ukraine's President Petro Poroshenko believes upgrading of Ukraine's credit rating by the Moody's Investors Service shows that the country has irrevocably embarked on the path of radical transformation.

"Over the past two and a half years, the Moody's Investors Service rating agency has upgraded Ukraine's credit rating from Caa3 ("negative outlook" in March 2015) to Caa2 ("positive outlook" in August 2017)... I am convinced that Ukraine has embarked on the path of radical reform and won't change its course!" Poroshenko wrote on his Facebook page on Monday morning.

The president noted that the main factors highlighted in the Moody's report are the implementation of structural reforms initiated by the Ukrainian authorities, particularly in the gas sector, the public procurement reform, changes in taxation and VAT management, and most importantly a powerful transformation of the banking sector.

"The rating agency noted the NBU's achievements in terms of tripling the reserves over the past three years, as well as the stabilization of the exchange rate," he added.

As reported, the Moody's Investors Service rating agency upgraded Ukraine's ratings in Ukrainian and foreign currency from Caa3 to Caa2 with a "positive" outlook.