Fitch downgrades Ukraine’s credit ratings to ‘RD’

Fitch Ratings has downgraded on Wednesday Ukraine’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘RD’ from ‘C’.

The ratings agency also downgraded the 2026 US$750 million Eurobond to ‘D’ from ‘C’. Other foreign-currency bonds have been affirmed at ‘C’.

The next review date for Fitch’s rating on Ukraine is scheduled on 6 December 2024, but the ratings agency “believes that developments in the country warrant such a deviation from the calendar and our rationale for this is set out in the first part (High weight factors) of the Key Rating Drivers section below.”

Fitch has also withdrawn the issue ratings for Ukraine’s foreign-currency bonds, deeming them no longer relevant to its coverage.

Attribution: Fitch Statement

Subediting: Y.Yasser