Fitch Ratings has upgraded Ukraine's long-term foreign currency rating from RD to CC. Ukraine is no longer in default.

The agency announced about this.

According to the statement, the rating upgrade came after receiving a note of approval for external debt restructuring on August 11, which, in the agency's opinion, is the completion of exchange of the problematic debt, which satisfies the "limited default".

"The payment of the principal and interest on Ukrainian Eurobonds worth close to $6 billion was postponed for 24 months, This reduced the pressure to service the foreign debt in the context of weakened international reserves and the high demand for war-related costs," Fitch Ratings said.

The restructuring was approved by 75% of bondholders (at cumulative nominal value), which exceeds the required minimum of 66.7%.

"Despite the improvement of debt service, the CC rating reflects the unmitigated risks of debt sustainability associated with Russia's attack, as well as the extremely strained state of state and foreign finances and Ukraine's macrofinancial stability," the statement reads.

As it was reported earlier, creditors agreed to grant Ukraine a 20 billion-dollar extension on the foreign debt.