Fitch Ratings has today upgraded Ukraine's National Long-term rating to 'AA(ukr)' from 'AA-(ukr)'. The rating Outlook is Stable, the rating agency said in a statement issued on Wednesday.

The upgrade of Ukraine's National Long-term rating follows Fitch's upgrade of Ukraine's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'B' from 'B-' yesterday. The Outlooks on the Long-term IDRs are Stable.

According to Fitch National Rating scale, 'AA' National Ratings denote expectations of very low default risk relative to other issuers or obligations in the same country. The default risk inherent differs only slightly from that of the country's highest rated issuers or obligations.

On July 6, Fitch upgraded Ukraine's sovereign Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'B' from 'B-'. The Outlooks on the Long-term IDRs are Stable. At the same time, the agency has affirmed Ukraine's short-term foreign currency IDR at 'B' and upgraded the Country Ceiling to 'B' from 'B-'.