International ratings agency Fitch said it had downgraded Ukraine's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to 'C' from 'CCC'.
On July 20, the Ukrainian government formally launched a consent solicitation to defer external debt repayments for 24 months. Fitch said it viewed the process as the initiation of a distressed debt exchange (DDE) process, consistent with ratings of 'C' for both the LTFC IDR and affected securities.
Moreover Fitch experts expect a broader restructuring of the government's commercial debt to be required, although the timing remains uncertain. This reflects severe stresses to Ukraine's macro-financial position, public finances and external finances as a result of the country’s protracted conflict with Russia.
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