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Ukraine's Credit Rating Rises from Restricted Default to CCC
(MENAFN) Fitch Ratings announced Monday it has elevated Ukraine's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to 'CCC' from 'Restricted Default.'
The upgrade stems from Fitch's determination that Ukraine has restored normal ties "with a substantial majority of its external commercial creditors," the rating agency stated.
December 19 marked the European Union's approval of a massive €90 billion ($105.9 billion) loan package for Ukraine with repayment required only under favorable economic conditions.
"This would cover financing needs for more than a year, reducing near-term debt sustainability risks," Fitch said.
Fitch indicated it generally does not provide outlooks for sovereign nations rated 'CCC+' or lower.
The upgrade stems from Fitch's determination that Ukraine has restored normal ties "with a substantial majority of its external commercial creditors," the rating agency stated.
December 19 marked the European Union's approval of a massive €90 billion ($105.9 billion) loan package for Ukraine with repayment required only under favorable economic conditions.
"This would cover financing needs for more than a year, reducing near-term debt sustainability risks," Fitch said.
Fitch indicated it generally does not provide outlooks for sovereign nations rated 'CCC+' or lower.
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