Fitch Upgrades Ukraine's Long-Term Rating From 'RD' To 'CC'

MOSCOW (UrduPoint News / Sputnik - 18th August, 2022) Fitch Ratings has upgraded Ukraine's long-term foreign Currency issuer default rating from "RD" (restricted default) to "CC" (very high levels of credit risk).

"Fitch Ratings has upgraded Ukraine's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to 'CC' from 'RD' (restricted default)," the statement issued on Wednesday read.

Fitch made this decision after Ukraine managed to restructure its external debt. Nearly $6 billion of principal and interest on the country's Eurobonds has been deferred by 24 months, according to the report.

Last week, American credit rating agencies Fitch Ratings and S&P Global Ratings downgraded Ukraine's foreign currency ratings to selective default and restricted default.