Experts have analyzed the dynamics of Ukraine’s credit rating over 20 years.

In August, S&P downgraded Ukraine’s long-term and short-term foreign currency credit ratings from CC/C to SD/SD, which indicates selective default. The rating will be upgraded after the debt restructuring agreement is completed.

According to financial analysts, 20 years ago, in July 2004, Ukraine’s debt rating in foreign and national currencies was rated at B+/B. In May 2005, the rating in foreign currency was raised to ВB-/B, in national currency to ВВ/В. This rating was maintained until June 2008, after several cycles of its reduction.

At the end of 2014, the agency lowered the foreign currency rating to CCC-/C, and the national rating to CCC+/C. From September 2019 until the war, the foreign and domestic currency rating was rated at B/B.

On February 25, 2022, the agency assessed the foreign and national currency rating as B-/B. In March 2024, Ukraine’s rating in foreign currency was estimated at CC/C and in national currency at CCC+/C.