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Standard And Poor's Upgrades Ukraine's Credit Rating

The ratings agency Standard and Poor's has upgraded Ukraine's credit rating from "selective default" after Kyiv managed to strike a major debt write-down deal.

The New York-based agency said on October 19 that it was raising Ukraine's foreign currency sovereign rating from "SD" to "B-/B" -- a grade defined as "highly speculative" but one that leaves the door open to future borrowing from abroad.

"The rating action follows the completion of Ukraine's distressed debt exchange on October 14," Standard and Poor's said in a statement.

The ratings agency downgraded Ukraine to selective default on September 25.

Ukraine was then still negotiating with its commercial creditors aimed at easing its outsized debt burden and keeping on track a life-support package led by the International Monetary Fund (IMF).

Based on reporting by AFP and Interfax