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According to the agency, a process akin to default has begun in Ukraine.
"Fitch believes that the agreement in principle reached on July 22 between the government and some holders of Eurobonds on the terms of debt restructuring means the beginning of a default-like process," the agency stated on its website. This belief is reflected in the downgrade of Ukraine's long-term foreign currency issuer default rating.
The local currency rating was maintained at "CCC-" (default is possible). IDRs for the short term stayed at "C." The ceiling rating for the nation was kept at 'B-', which indicates substantially low creditworthiness.
Ukrainian Prime Minister Denys Shmyhal announced on July 22 that the government of the nation had come to a decision regarding the restructuring of the $20 billion foreign debt of the nation.
source: fitchratings.com
"Fitch believes that the agreement in principle reached on July 22 between the government and some holders of Eurobonds on the terms of debt restructuring means the beginning of a default-like process," the agency stated on its website. This belief is reflected in the downgrade of Ukraine's long-term foreign currency issuer default rating.
The local currency rating was maintained at "CCC-" (default is possible). IDRs for the short term stayed at "C." The ceiling rating for the nation was kept at 'B-', which indicates substantially low creditworthiness.
Ukrainian Prime Minister Denys Shmyhal announced on July 22 that the government of the nation had come to a decision regarding the restructuring of the $20 billion foreign debt of the nation.
source: fitchratings.com
