The S&P international rating agency has raised Ukraine’s rating from Default.

 The rating company upgraded Ukraine to CCC+ from the selective default rating, SD, with a stable outlook citing a reduction in government debt service requirements and an expectation of steady international financial support. “S&P rating action reflects strong, committed international financial support for Ukraine, coupled with eroding, albeit still relatively high, foreign exchange reserves,” S&P analysts wrote. S&P added that the Ukraine government was able to restructure $22.6B in Eurobonds, as well as Eurobonds with a state guarantee worth about $1.5B, after obtaining bondholder consent to postpone interest payments for 24 months. The upgrade follows a similar action by Fitch Ratings, which took Ukraine out of default on Wednesday, as the Eastern European nation modifies its agreements with creditors to delay debt payments. Moody’s Investors Service rates it at Caa3, the third-lowest score.