The selective default on Ukraine’s long-term debt in foreign currency reflects non-payment of a February-2026 Eurobond due to debt-servicing moratorium. The restructuring of Eurobond securities is expected to be completed in the coming weeks.

Ukraine’s CC foreign-currency issuer ratings reflect expectation of debt treatment by 2024, for meeting the external financing gap. The revision of the Outlook on domestic debt to Stable reflects reduced likelihood of restructuring of domestic debt.