Fitch downgrades Ukraine

Fitch Ratings said it downgraded Ukraine's long-term foreign-currency issuer default rating to RD, Restricted Default, from C. The agency usually does not assign outlooks for sovereigns with a rating of CCC+, or below.

“Consent solicitation to defer Ukraine's external debt repayments for two years was agreed by the requisite share of bondholders and became effective on Aug. 11. Fitch deems this completion of a distressed debt exchange (DDE) and has therefore downgraded the LTFC IDR to RD and the affected instruments to D, both from C,” the agency said in a press release.

Fitch said it would soon boost Ukraine’s ratings based on its debt-service payment prospects.

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