The international rating agency Fitch has upgraded Ukraine's long-term rating in national and foreign currency from B+ to BB-. This is reported by "Ukrainian News". \n \nAccording to Fitch's statement, the rating outlook is stable. The agency also confirms Ukraine's short-term rating at the B level. \n \nFitch links the transition from a period of significant to a period of moderate political risks in Ukraine to the expected inauguration of newly elected President Viktor Yushchenko on January 23. The agency notes the stabilization of the dynamics of the National Bank of Ukraine's gold and foreign exchange reserves and the dynamics of bank deposits recently. Fitch also believes that with Yushchenko's coming to power, macroeconomic and structural reforms will be implemented, which will lead to an improvement in the business climate in the country. \n \nRecall that in June 2003, Fitch improved Ukraine's rating for long-term currency and hryvnia loans from B to B+, and also retained the previously assigned rating for short-term loans of B for Ukraine. In December 2003, Fitch confirmed Ukraine's rating of B+ for long-term currency and hryvnia loans and the rating of U for short-term obligations of Ukraine. \n \nAccording to Fitch's methodology, these ratings mean that the risk of default of the country exists, but it is not very high.