REUTERS
International rating agency Fitch Ratings has upgraded Ukraine's long-term foreign currency issuer default rating (IDR) to 'CCC' from 'RD' (Restricted Default) and affirmed the long-term local currency IDR at 'CCC', according to a statement posted on the agency's website.
The short-term foreign-currency IDR is upgraded to 'C' from 'RD'. The Country Ceiling is affirmed at 'CCC'.
"The country has emerged from default on commercial external debt, issuing new bonds on November 12 to holders of $15bln in defaulted eurobonds. The restructuring pushes out maturities to 2019-2027 and reduces the debt stock by $3bln (3.4% of GDP)," the statement reads.
According to Fitch, public debt sustainability has improved. Reduced refinancing needs and a pipeline of official financing give the public and external finances some breathing room and lower the risk of a sovereign debt crisis over the short- to medium-term.
As UNIAN reported earlier, Fitch previously announced it was ready to revise upwards Ukraine's IDR soon after it saw a successful completion of Ukraine's sovereign debt exchange as part of its restructuring.
On October 6, 2015, the agency downgraded Ukraine's long-term foreign currency issuer default rating to the level of "restricted default."