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Moody’s Investors Service has revised Ukraine’s sovereign credit rating outlook to positive from stable. At the same time, Ukraine’s long-term issuer and senior unsecured ratings have been affirmed at Caa1, Interfax-Ukraine News Agency reports.

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“The affirmation of Ukraine’s Caa1 ratings reflects its – while showing signs of improvement – significant external vulnerability,” Moody’s said on Friday.

The key drivers for the change in the outlook to positive are: the rebuilding of Ukraine’s foreign exchange reserves is reducing external vulnerability in the context of large external repayments; and the improvement of Ukraine’s macroeconomic stability and the prospect for renewed reform momentum is strengthening the country’s economic resilience.

f he other two major agencies, Standard & Poor’s credit rating for Ukraine stands at “B” with astable outlook, while Fitch’s credit rating for Ukraine is “B” with positive outlook, the  Kiev-based Interfax-Ukraine notes.