Completion of foreign debt restructuring informs sovereign credit rating upgrade.

Request for foreign debt restructuring drives the sovereign credit rating downgrade.

Severe recession, potential of debt restructuring, and weakening of external sector underscore Negative Outlook. Significant international funding and political support, and pre-crisis improvement of economic framework, underpin ratings.

Russia’s military invasion of Ukraine and associated severe credit implications drive the rating downgrade. Uncertainties surrounding evolution of the conflict and ongoing weakening of credit fundamentals drive rating review.

Improvements of economic policy framework, reserve build-up, reduction in public debt and multilateral support abet ratings*. Elevated geopolitical risk, high external financing needs, restricted market access and record of default reflect challenges.