Moody’s lowered Ukraine’s rating to Ca from Caa2 on Friday, while it raised the outlook to stable from negative. The downgrade reflects the war’s ‘longer-term challenges’ of macro and finance. However, S&P held Ukraine’s rating at a much higher CCC+ with a stable outlook and Fitch at a similar rating of CC. Meanwhile, the IMF reported that it started talks yesterday with the country on a package worth USD 16 bln over 3-4 years. Hopefully, an agreement will be reached by March, with the first tranche coming in April.