Ukraine’s credit outlook was raised at Fitch Ratings after the government committed to working with the International Monetary Fund to unfreeze an emergency loan. Credit default swaps on the country’s debt eased to the lowest level since September 2008. Fitch raised Ukraine’s outlook to stable from negative, according to a statement. The service affirmed Ukraine’s long-term foreign currency rating at B-. The Fitch move follows Standard & Poor’s, which upgraded Ukraine’s credit rating by one level, to B- on March 12. Parliament this month pushed through legislative amendments to allow the formation of a coalition sympathetic to President Viktor Yanukovych. Prime Minister Mykola Azarov has said he will submit a budget proposal to lawmakers within a month, and his Cabinet is making a resumption of the country’s $16.4 billion IMF loan a priority, he said. (Bloomberg)

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