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June 2021 BB- B+ B B- CCC+ CCC CCC- CC RD Mar-08 Sep-08 Mar-09 Sep-09 Fitch Ratings Rating: B, Stable B / Stable credit rating affirmed by both Fitch and S&P Last update: Feb 26, 2021, reaffirmed at B, outlook Stable Key rating drivers of the last review: BB Track record of multilateral support and a credible macroeconomic policy framework that has underpinned a relatively high degree of resilience to the coronavirus shock Expectations for gradual fiscal consolidation and continuation of macroeconomic policies Human development indicators compare favorably with the peer group, a net external creditor position of close to 13% of GDP, and general government debt is somewhat lower than the 'B' median S&P Global Rating: B, Stable Last update: Mar 12, 2021, reaffirmed at B, outlook stable Key rating drivers of the last review: BB BB- Ukraine's growth, balance of payments, and public finances all outperformed the expectations in 2020 Reserve adequacy has improved, providing a cushion against potential adverse external developments including further delays in the disbursement of concessional loans Stronger macroeconomic management since 2015 and augmented foreign exchange (FX) reserves The ongoing implementation of reforms helps the government access commercial debt markets and receive concessional funding from international financial institutions (IFIs) Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 B+ B B B- CCC+ CCC CCC- CC SD Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 21 24 m

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