KYIV, June 15 – Moody's Investors Service upgraded Ukraine's long-term issuer and senior unsecured ratings to B3 from Caa1, leaving outlook on the ratings as stable, the company said in a report.

The main driver of the decision to upgrade the ratings to B3 is the easing of Ukraine's near-term funding challenges and the safeguards afforded to recent improvements in its external vulnerability as a result of the announced new financing program with the International Monetary Fund (IMF).