Fitch Downgrades Ukraine's Rating From CCC To Pre-Default C

The Fitch international rating agency lowered the long-term default rating of the issuer Ukraine from CCC to C (pre-default).

Ukrainian News Agency learned this from a statement of the agency.

The agency does not rule out a downgrade to RD (limited default).

The decision is related to Ukraine's plans to agree with creditors on the postponement of public debt payments for two years.

Fitch downgraded Ukraine’s rating from B to CCC after the start of the full-scale Russian invasion in late February.

As Ukrainian News Agency earlier reported, Fitch Ratings lowered the long-term issuer default rating (IDR) of the Naftogaz of Ukraine national joint-stock company from CCC to C after the company requested consent to postpone debt service on its Eurobonds, including with repayment on July 19, 2022.