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S&P Global increases Ukraine’s foreign currency rating

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Global ratings agency S&P Global on Friday raised Ukraine’s foreign currency sovereign credit ratings, noting the country has completed a distressed debt restructuring.

The long- and short-term foreign currency sovereign credit ratings are now raised to “CCC+/C” from “SD/SD,” S&P said.

Last week, Ukraine’s overseas creditors backed its request for a two-year freeze on payments on almost $20 billion in international bonds, a move that will allow the war-ravaged country to avoid a messy debt default.

“The stable outlook balances our view of the reduction in Ukraine’s government debt service requirements and our expectation of steady international financial support against risks stemming from the ongoing war,” the agency said on Friday.

It still expected Ukraine’s real gross domestic product to contract by 40% this year due to collapsing exports, consumption and investment. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Shailesh Kuber)

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