Fitch Ratings lowers Ukraine’s credit rating to limited default.

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 level (default is imminent).

The agency downgraded Ukraine’s credit ratings after the end of the 10-day grace period for 2026 Eurobond coupon payment. The maturity date expired on August 1. The next scheduled date for a rating review is December 6.

As a reminder, On August 9 the government officially announced the start of the restructuring process for $19.7B in sovereign Eurobonds and $0.7B in state-guaranteed Ukravtodor bonds. This allowed Ukraine to reduce the principal amount of the debt and interest, as well as extend the repayment terms.