Fitch Confirms Ukraine's Credit Rating at CC Level
Date: 2023-12-11 Author: Dima Zakharov Categories: ECONOMY
Fitch Ratings and Ukraine's Economic Outlook
Fitch Ratings, an international credit rating agency, has maintained Ukraine's long-term issuer default rating (IDR) in foreign currency at CC level. This affirmation reflects Fitch's expectation of further commercial debt restructuring until the conclusion of the two-year halt in Eurobond payments on September 1, 2024.
Economic Projections and Refugee Statistics
Regarding macroeconomic forecasts, Fitch Ratings predicts a 5.1% GDP growth in Ukraine for 2023. This growth is attributed to businesses adapting to wartime conditions and bolstering consumer trust. According to UN data from November 2023, the number of Ukrainian refugees remained steady at 6.3 million. Fitch anticipates a slowdown in the sequential recovery of the economy by year-end and projects GDP growth of 3.8% in 2024 and 4.5% in 2025.
Fitch's Previous Confirmation and Updates
In September, Fitch Ratings confirmed the long-term credit rating of JSC "Ukrzaliznytsia" at CC level. This decision considered the carrier's performance in the first half of 2023, which surpassed expectations.
