The downgrade of Ukraine’s foreign-currency issuer rating reflects start of negotiations for near-term external debt treatment for preservation of foreign-exchange liquidity and reducing the financing gap.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Ukraine’s CC foreign-currency issuer ratings reflect expectation of debt treatment by 2024, for meeting the external financing gap. The revision of the Outlook on domestic debt to Stable reflects reduced likelihood of restructuring of domestic debt.

Monitoring review announcement

Completion of foreign debt restructuring informs sovereign credit rating upgrade.

Foreign debt restructuring drives the sovereign credit rating downgrade to selective default (SD).

Request for foreign debt restructuring drives the sovereign credit rating downgrade.

Severe recession, potential of debt restructuring, and weakening of external sector underscore Negative Outlook. Significant international funding and political support, and pre-crisis improvement of economic framework, underpin ratings.

Russia’s military invasion of Ukraine and associated severe credit implications drive the rating downgrade. Uncertainties surrounding evolution of the conflict and ongoing weakening of credit fundamentals drive rating review.