Fitch has announced an upgrade of Ukraine’s long-term issuer default rating in foreign currency from ‘RD’ to ‘CC’.
Fitch Ratings has upgraded Ukraine’s long-term foreign currency issuer default rating to ‘CC’ (Probable Default) from ‘RD’ (Restricted Default), the agency said.
The upgrade of the credit rating is due to the fact that the holders of Ukraine’s Eurobonds have agreed to the restructuring of the external debt. According to the agency’s analysts, this “represents the completion of the distressed debt swap and the elimination of the limited default.”
Earlier, Fitch and another rating agency S&P Global Ratings assigned Ukraine an ‘RD’ rating, meaning limited default. The corresponding assessment was a reaction to Kyiv’s decision to go for debt restructuring. The Ukrainian authorities asked foreign investors to freeze payments on international bonds for almost $20 billion for two years and received approval.
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