Fitch upgrades Ukraine's credit rating: country no longer in default

This is stated in a Fitch statement.

Nearly $6 billion in principal and interest on Ukrainian Eurobonds has been deferred by 24 months, easing pressure on Ukraine's external debt servicing amid shrinking international reserves and acute war-related spending needs. The restructuring received the consent of 75% of bondholders (for the total principal amount, which exceeds the minimum required 66.7%, the report says.

At the same time, the agency expects that the war will continue into 2023. This, in turn, will push public debt further above 100% of GDP, adding to already huge infrastructure and economic costs, and exacerbating inflationary and external pressures.

Thus, in our view, a broader government debt restructuring is likely, although the timing is uncertain. The relief that the two-year cessation of all Eurobond issuance has already provided, and the challenge of agreeing on a framework for any such restructuring in such an uncertain macro environment, could potentially push that back to 2024, Fitch says.