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Fitch Ratings, S&P Global Ratings Consider Ukraine's Debt Restructuring as Default

Fitch Ratings - Sputnik International, 1920, 13.08.2022
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MOSCOW (Sputnik/Prime) - American credit rating agencies Fitch Ratings and S&P Global Ratings on Friday downgraded Ukraine's foreign currency ratings to selective default and restricted default.
Earlier this week, Ukraine requested a freeze on payments on $19.6 billion in international debt until 2024. According to rating agencies, Ukraine's overseas creditors backed Kiev's request on Thursday.
"Fitch Ratings has downgraded Ukraine's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to 'RD' (restricted default) from 'C'," the agency said in a statement on its website.
Fitch Ratings noted that it deemed the postponement of payments on Ukraine's foreign debt until 2024 as "completion of a distressed debt exchange (DDE)."
"Given the announced terms and conditions of the restructuring, and in line with our criteria, we view the transaction as distressed and tantamount to default," Reuters quoted S&P as saying. The agency lowered Ukraine's foreign currency rating to selective default ("SD/SD") from "CC/C."
S&P Global Ratings also downgraded Ukraine's local currency rating to "CCC-plus/C" from "B-minus/B," according to the report.
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