LONDON, Sept 14 – S&P Global Ratings affirmed its global scale long-term foreign and local currency sovereign ratings on Ukraine at 'B' and its Ukraine national scale ratings at 'uaA'.

S&P also affirmed the short-term ratings at 'B'. The outlook is stable.

"The ratings on Ukraine are constrained by its low per capita income and difficult institutional and political environment. Stronger macroeconomic management since 2015 and augmented foreign exchange (FX) reserves provide a cushion against potential adverse developments in the external financing environment reserves support our sovereign ratings on Ukraine. The ongoing implementation of reforms helps the government access commercial debt markets and receive concessional funding from international financial institutions (IFIs)," S&P said.