S&P ups Ukraine

S&P said it raised its long-term sovereign foreign-currency rating for Ukraine to CCC+ from SD, Selective Default, and its issue rating on the restructured bonds to CCC+ from D. The agency also affirmed Ukraine’s local-currency rating at CCC+.

The upgrade follows Ukraine completing its restructuring of the equivalent of $22.6 billion in sovereign Eurobonds and about $1.5 billion of state-guaranteed Eurobonds after receiving consent from most bondholders to postpone interest and principal payments on the debt for 24 months, S&P said.

“The government has amended the respective bond terms and conditions and they have become legally effective,” the agency said in a press release.

The outlook is stable.

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