S&P rates Ukraine debt CCC

S&P lowered the foreign currency rating on for Ukraine to CCC, based on an announcement from the government that it plans to restructure its external debt by midyear 2024.

The planned restructuring is part of an agreement with the IMF for a four-year $15.6 billion extended fund facility arrangement.

Official creditors, including the United States, United Kingdom, Canada, France, Germany, and Japan (the group of creditors of Ukraine), have agreed to an extension of the deferral of external debt payments until the end of the IMF program in 2027, from the previously agreed period of August 2022 until September 2024. The group has also agreed to an additional debt restructuring.

The rating reflects a downgrade from CCC+.

At the same time, the agency affirmed a C short-term foreign currency, CCC+/C local currency, and uaBB national scale ratings on the sovereign.

The outlook on the foreign-currency rating is negative and the local-currency rating is stable.

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