S&P Global ratings reaffirmed Ukraine as “B with a stable outlook” in terms of long-term and short-term liabilities in foreign and national currencies.

The ratings agency said Ukraine’s growth, balance of payments and finances “exceed our expectations” in 2020 and praised the Ministry of Finance for finding its way through the crises linked to the global slowdown and the Covid pandemic.

S&P said Ukraine’s rating could even improve next year if the economy showed further recovery.

But risks remain, it said, in a reference to Ukraine’s failure to secure further credits from an International Monetary Fund programme and difficulties associated with COVID.

“The rating may deteriorate due to interruptions in obtaining funding from international organizations. Disruptions could occur if the government abandons key reforms such as ensuring the independence of the central bank, which is the key regulator for the country’s financial sector,” the report said,

S&P said subsidiaries of foreign banks and private Ukrainian banks should remain stable amid the pandemic.