Fitch upgrades Ukraine Auto Loan Finance No 1 PLC.

By bne IntelliNews February 7, 2011
Fitch Ratings has upgraded Ukraine Auto Loan Finance No. 1 PLC's notes' ratings, as follows: USD 22.6mn class A notes: upgraded to 'BBsf' from 'BB-sf'; Outlook Stable; assigned loss severity (LS) rating 'LS-1', and USD18.7m class B notes: upgraded to 'Bsf' from 'CCCsf'; stable outlook; assigned LS rating 'LS-1,' the agency said in a statement. The agency pointed out that the rating actions are driven by Fitch's upgrade of Ukraine's sovereign rating and country ceiling to 'B' in July, 2010, which reflected signs of economic growth, lower financial volatility, stabilization of the domestic political environment following presidential elections and the signing of a new IMF lending agreement.

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