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The restructuring process included the exchange of 13 series of government Eurobonds and one series of state-guaranteed Ukravtodor Eurobonds worth about $20.5B, approximately $24B including capitalized interest, for eight new series of Eurobonds with a nominal value of $15.2B. Ukraine’s debt was reduced by about $9B. This means a nominal decrease in debt value by 37% from the first day of the agreement and a decrease in the net present value of the debt by about 60% (assuming a discount

Early this week, the Fitch rating agency downgraded Ukraine’s long-term credit rating from level C to RD. The $750M 2026 Eurobonds, on which Ukraine failed to make the August 1 coupon payment, were downgraded to level D. These changes were expected and are only temporary, said head of Parliament Committee on Finance Danylo Hetmantsev. According to him, the downgrade reflects: The restructuring procedure for exchanging problematic debt has started. Ukraine’s formal omission of the coupon payment for a Eurobond issue,

In particular, the issuer’s long-term foreign currency default rating was downgraded from C to RD (restricted default), Fitch Ratings said in a statement. This rating level means that the issuer has not made timely payments. Fitch also downgraded the 2026 $750M Eurobond from level C to D (default). A rating of this level is assigned when default is declared on all financial obligations. At the same time, the agency confirmed the rating of other foreign currency bonds at the C

The Cabinet of Ministers exercised the right granted to it by the Ukrainian Parliament and introduced a temporary moratorium on Ukraine’s Eurobond payments. “In connection with the implementation of transactions with the state debt under the bonds of 2018’s external state loans of the first series, from August 1, 2024, payments on the state’s debt obligations will be temporarily suspended,” the relevant resolution reads. In addition, the Cabinet of Ministers, by its decision to implement the specified law, transferred the

The EBRD will redirect a €182M loan to the State Agency for Reconstruction and Development of Infrastructure of Ukraine to repair the section of the M-09 road from Lviv to Rava-Ruska on the Ukrainian-Polish border. This amount will be redirected from the primary loan of €450M for Ukravtodor from 2020. The funds were intended to finance the construction of highways in the Kyiv, Odesa, and Lviv regions. However, due to the Russian attacks on the port infrastructure, cargo flows have

The Cabinet of Ministers has allocated an additional UAH 360.7M to Ukravtodor to develop road infrastructure on the Ukrainian-Polish border, said the permanent representative of the Ukrainian Parliament, Taras Melnychuk. In the future, the roads in the western region of Ukraine will connect with Poland’s roads. At the same time, the Cabinet of Ministers reduced state road company Ukravtodor’s expenditures under the road infrastructure development program on the Ukrainian-Hungarian border by UAH 28.2M and decreased the volume of loans for

According to the deputy head of the State Company Ukravtodor, Andriy Ivko, a bridge in the Sumy region became the fiftieth structure the department has managed to restore traffic to since the beginning of the full-scale Russian invasion. According to the deputy head, there are 15 destroyed bridges in the region, 10 of which are on state roads. The official recalled that since the beginning of the war, 15 regions of Ukraine have suffered infrastructural destruction. Russia caused UAH 958B

 Zhytomyr has announced a tender for the reconstruction of the Northern Bypass, which is part of the Kyiv-Chop highway, announced the Zhytomyr Road Service. The construction section runs between Hlybochytsia and Ivanivka villages in the Zhytomyr district, with a total length of 22 kilometers. Previously, the construction had been suspended due to the termination of the contract with the Chinese company Sinohydro Corporation Limited two years ago due to a breach of contract and slow pace of work.

In 2021, the State Road Agency of Ukraine made several payments amounting to UAH 42.47B, including loan re-payments of 14.91B. Ukravtodor transferred funds from the state budget to local budgets in the amount of UAH 27.18B to finance repairs, tenders for which are conducted by local state administrations. Disbursements on EBRD, IBRD, EIB loans, and IGLBs debt amounted to UAH 14.91 billion.

The plan is to repair and build 186 kilometers of roads of regional networks, and 217 kilometers of roads of local networks within the state investment project “Small Carpathian Ring” framework. According to a recent working meeting in Ivano-Frankivsk chaired by the Prime Minister, Denis Shmygal, the project covers roads leading to tourist locations in three regions: Lviv, Zakarpattia, and Ivano-Frankivsk.

Ukravtodor, within the framework of a project with the EBRD and the EIB, announced the first three tenders to repair three sections of M-05 Kyiv-Odesa in the Cherkasy region. According to the Ministry of Infrastructure, the overhaul will be financed for loans from banks within the project “Ukraine – road corridors” / European roads of Ukraine III, “implemented jointly with Ukraine.

The tender for the first section of the road was announced by Ukravtodor The cost of the works is UAH 5.4 bln ($166 mln). And the first part of the road is part of the construction of the 18 km section from the highway M-07 Kyiv – Kovel – Yagodyn to M-06 Kyiv – Chop. The project provides for the construction of two bridges, and seven overpasses. The tender will consist of three stages. At first, potential contractors express their

For the first three quarters of 2021, Ukravtodor suffered a loss of UAH 118 mln ($4.37 mln), according to the financial reports (marlin.gov.ua). The state-owned company’s losses were due to insufficient revenues from customers for road repairs and maintenance, the blocking of the company’s accounts, and the inability to participate in tenders. The losses were also due to the cost of maintaining production bases, which were dormant. Ukravtodor owns UAH 6.4 bln ($237 mln) in assets and holds UAH 3.6

, Ukravtodor officials said. The improvements will cut the drive between Ukraine’s two largest cities to four hours, from 6.5 hours today.

, Ukravtodor is repairing and rebuilding about 525 km of roads. This is four times the amount spent on road construction and repairs over the last decade, wrote Alexander Kubrakov, Infrastructure Minister, on Facebook after a driving tour of the Donbas.

the Cabinet of Minister has extended state guarantees to $360 million worth of hryvnia bonds for Ukravtodor. The Cabinet also approved a list of priority highway projects to be financed with the bonds. Placed this year, the bonds are to be as long as 15 years.

the government has approved extending state guarantees Ukravtodor for the hryvnia equivalent of $357 million in loans or bonds. Separately, the state highway agency has set up a unit to prepare for the offering this summer of state-guaranteed Ukravtodor hryvnia bonds to foreign and domestic investors.

, the highway agency reported on Facebook. “Unfortunately, having crossed the borders of our state, it is expected that you meet a pothole,” Ukravtodor wrote. Almost all the work this year is being undertaken in Zakarpattia, repairing road connections to Slovakia, Hungary, and Romania. Last year, 150 km of border roads were repaired. By 2023, the plan is to repair 600 km.

, Ukravtodor, the state highway agency, reports on Facebook. “The total length of facilities on which work has begun is 1,960 km,” the agency says. “The current plan for 2021 provides for the construction, reconstruction, overhaul and current average repair of 4,500 km and 150 bridges.” Last year saw the rebuilding of 3,900 km of national roads and 2,000 km of local roads. Known as ‘Big Construction’ the multi-billion-dollar program is a centerpiece of the Zelenskiy administration.

Ukravtodor Chairman Oleksandr Kubrakov said during a recent meeting with Matteo Patrone, the EBRD’s regional director. “Together with the EBRD we plan a number of systemic reforms in the industry: from improving the procurement process to taking into account modern safety and environmental requirements,” Kubrakov said. “Already in 2021 Ukravtodor will work out world practices of road project management in its own work.”