Fitch upgrades Ukraine, Kyiv city credit ratings

This follows from the analysis made by Fitch Ratings,the international rating agency, which results were issued in a special press release.

"The long-term rating in local currency i confirmed at CCC. Short-term rating is upgraded to C," the report states.

Fitch also upgraded the long-term issuer default rating in foreign currency of the city of Kyiv from RD to CCC.

Explanation of the results emphasizes that Ukraine eliminated the danger of default on foreign debt and reduced the number of key economic risks in the medium term.

"The country avoided default on its external commercial debt by issuing new securities for holders of default Eurobonds worth $15 billion on November 12," the agency said.

Meanwhile, analysts believe it unlikely the country will go through rapid economic growth and rising consumption. In 2016, they predict an economy increase of only 1 percent, and in 2017 - up 2.3 percent. This forecast is based on the fact that the factors that caused the deep recession in 2014-2015 remain unchanged.