The rating actions follow Fitch's similar action on Ukraine's sovereign rating, reflecting the resilience of Ukraine's credit fundamentals to the coronavirus shock and our expectation of economic recovery.

Fitch forecasts Ukraine's GDP growth of 4.1 percent this year, helped by a pick-up in agriculture and 12.9 percent real wage growth year-on-year in June, with short lockdowns in January and April subtracting an estimated 0.6 percentage points from annual growth.