Daily Insight-In the news: S&P nods to Ukraine; DEON reports 1H10 results

Standard & Poor\\\'s Ratings Services yesterday placed Ukraine\\\'s \\\'B\\\' foreign currency and \\\'B+\\\' local currency sovereign credit ratings on CreditWatch, with positive implications. This move reflects increasing fiscal consolidation efforts by the Ukrainian government and implementation of measures upon which IMF support is preconditioned, amid improved prospects for economic growth. In particular, the S&P views the government\\\'s decision to increase domestic gas tariffs as evidence of the new government\\\'s political resolve to help restore the finances of Naftogaz, the state-owned gas distributor, and meet the terms that would engender the renewal of the interrupted International Monetary Fund (IMF) program.