The international rating agency, Fitch Ratings, lowered the long-term issuer default rating (IDR) of Ukraine in foreign currency from C to RD (limited default).
This follows from a statement by the agency, the Ukrainian News agency reports.
Fitch also downgraded Ukraine's USD 750 million Eurobonds due 2026 from C to "D" and affirmed other foreign currency bonds at C.
It was expected that at the beginning of August, the rating agencies would give Ukraine default ratings of group D, reacting to the failure to make the planned interest payment on the public debt.
The downgrade to RD followed the expiration of a 10-day grace period for paying the coupon on the 2026 Eurobonds in the amount of USD 750 million, which was due on August 1.
Only bonds maturing on February 1, 2026, for which the coupon payment was supposed to take place on August 1 but was not made due to the start of debt restructuring, received the "default" rating.
For the rest of the bonds, Fitch maintains a C rating.
As the Ukrainian News agency earlier reported, in July, Fitch downgraded Ukraine's rating from SS to Xu.
At the beginning of August, Ukraine announced an exchange offer and request for consent regarding changes in the servicing of Ukrainian bonds and Ukravtodor guaranteed bonds.
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