KIEV, Oct. 11 - Moody's Investors Service has changed the outlook on Ukraine's B2 government bond ratings to stable from negative.

"The main drivers for Moody's decision are as follows: the Ukrainian government's improved external liquidity following the new 2-1/2-year $15.1 billion IMF stand-by agreement (SBA) and the successful $2 billion eurobond issue in September; and the narrowing of Ukraine's macroeconomic imbalances as reflected in a significant balance-of-payments adjustment and more recently, a resumption of economic growth," reads the report.

Separately, Moody's also changed to stable from negative the outlooks on Ukraine's B1 foreign currency bond ceiling and its B3 foreign currency deposit ceiling.

"A stronger external position along with the economic recovery has reduced Ukraine's susceptibility to financial stress. The shift to a stable outlook on the government bond ratings reflects our view that the upside and downside risks at the current rating level are evenly balanced," said Dietmar Hornung, Vice President, Senior Credit Officer in Moody's Sovereign Risk Group and lead analyst for Ukraine.