KIEV, July 6 – Fitch Ratings has upgraded Ukraine's sovereign Long-term foreign and local currency Issuer Default Ratings to 'B' from 'B-'.

The Outlooks on the Long-term IDRs are stable. At the same time, the agency affirmed Ukraine's short-term foreign currency IDR at 'B' and upgraded the Country Ceiling to 'B' from 'B-'.

"The upgrade of Ukraine's sovereign ratings follows the agreement on a new $14.9 billion IMF loan program, which supports confidence in the policy and financing outlook, reduces the risk of macroeconomic and financial instability and is positive for the country's creditworthiness," the statement quotes David Heslam, Director in Fitch's Sovereign team, as saying.