The country's economy has been hit hard by the COVID-19 pandemic restrictions and contracted by 4.4 percent last year. In the first quarter of this year, Ukraine's gross domestic product (GDP) contracted by 2 percent year-on-year, casting doubt on 2021 growth predictions, which are in the range of 4-5 percent.

The agency forecast economic growth of 2.1 percent in 2021 and 2.9 percent in 2022, below the projected 'BB'-median of 4.2 percent growth.

Output in April slightly exceeded Kazakhstan’s OPEC+ obligations, but the energy ministry said that deviation from commitments would be compensated for in the future, taking into account major repair works that are expected to be conducted on large oil projects in the summer.

Citizens of Azerbaijan and foreigners, as well as local and foreign entities, will be able to subscribe to the bonds, although the priority will be given to individual investors, the company said in a statement.  Foreigners and foreign legal entities will also be able to buy from bondholders in the secondary market.

The agency said that the rating was support-driven, but was one notch below Uzbekistan’s ‘BB-’ long-term local-currency Issuer Default Rating (IDR).