🇺🇦💰📉Fitch downgraded Ukraine's long-term rating from "CCC" to "C" - default has begun. pic.twitter.com/4prRmha6yz
— AZ 🛰🌏🌍🌎 (@AZmilitary1) July 23, 2022
The National: Fitch downgrades Ukraine as debt restructuring and deferral plans begin
Fitch Ratings lowered Ukraine's credit score after the war-torn nation started the formal process of restructuring $22.8 billion in sovereign debt and deferring payments on external bonds.
The country's long-term foreign currency issuer default rating was lowered to C from CCC — only one step before default — the New York-based agency said on Friday. The protracted war is delivering "severe stresses" to Ukraine's macroeconomy, financial position and public and external finances, it added.
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WNU Editor: Ukraine is just one step away from going into default. But I am willing to bet that Western governments are going to step in to make sure this will not happen.
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