Fitch upgrades Ukraine's rating to CCC

That is according to Bloomberg, Ukrinform reports.

In a statement released on Monday, the credit assessor said it now rates Ukraine as CCC, eight notches below investment grade. Fitch rates the new bonds one level higher, reflecting the enhanced credit protections.

The conversion offer was backed by 99% of the holders of the so-called GDP warrants, who will exchange nearly $2.6 billion of the securities for $3.5 billion in bonds, the Ukrainian Finance Ministry said on Thursday.

The upgrade "reflects Fitch's assessment that Ukraine has normalized relations with a substantial majority of its external commercial creditors," analysts led by Hannah Dimpker wrote.

In June 2025, international rating agency S&P Global revised its issue rating on Ukraine's GDP-linked securities to "D" from "CC," saying it missed the $665 million payment to holders of its GDP warrants due on June 2.