RIYADH: Ukraine’s foreign currency rating was lowered to selective default, from CC, by global rating agency S&P, and to restricted default, from C, by Fitch Ratings, according to Bloomberg.
This comes after the majority of the country’s creditors agree to defer debt payments for two years.
The debt restructuring plan could save Ukraine around $5.8 billion.
“We view the transaction as distressed and tantamount to default,” Bloomberg reported, citing S&P’s statement.
“Ukraine’s debt restructuring comes amid significant macroeconomic, external, and fiscal pressures emanating from the war.”