The affirmation of Ukraine’s long-term issuer rating in foreign currency at SD represents settlement of the Eurobond debt exchange. The downgrade of rated Eurobond securities to single-D considers average rates of recovery.

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.

The periodic review has resulted in no credit-rating action.

The downgrade of Ukraine’s foreign-currency issuer rating reflects start of negotiations for near-term external debt treatment for preservation of foreign-exchange liquidity and reducing the financing gap.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

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.

Monitoring review announcement

Completion of foreign debt restructuring informs sovereign credit rating upgrade.

Foreign debt restructuring drives the sovereign credit rating downgrade to selective default (SD).