KYIV, June 17 – Moody's Investors Service has upgraded the corporate family rating (CFR) of Ferrexpo plc (Ferrexpo) to B2 from B3 and its probability of default rating (PDR) to B2-PD from B3-PD, concurrently, Moody's changed the outlook to negative from positive," the agency said on its website.

"The rating action follows Moody's upgrade of the government of Ukraine's long-term issuer and senior unsecured ratings to B3 from Caa1. Concurrently, Ukraine's long-term foreign currency bond and deposit ceilings were raised to B2 (from B3) and Caa1 (from Caa2) respectively," it said.