Moody’s, the international rating agency, has upgraded Ukraine’s sovereign rating one notch

Moody’s, the international rating agency, has upgraded Ukraine’s sovereign rating one notch — from Caa2 to Caa1. The rating outlook changed from “positive” to “stable.” In a 2,500-word explanatory note posted, the agency gave Ukraine a mixed report card: “Our credit view of Ukraine highlights a stabilized low-growth economy, gradual reform progress, large FX debt burden and dependence on official funding to cope with external vulnerabilities.” Corruption was cited as “the most credit-negative institutional weakness.”