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UPDATE 1-Fitch upgrades rating on Ukraine to 'CC'

·1 min read

(Adds background about the debt restructuring)

Aug 17 (Reuters) - Ratings agency Fitch on Wednesday upgraded Ukraine's rating to 'CC' from 'Restricted Default' following the country's restructuring of external debt last week.

Ukraine's overseas creditors backed the country's request for a two-year freeze on payments on almost $20 billion in international bonds, which will allow it to avoid a messy debt default.

With no sign of peace or a ceasefire on the horizon nearly six months after Russia's invasion began, holders of around 75% of the outstanding total agreed to Kyiv's proposal.

Fitch typically does not assign outlooks for sovereigns with a rating of 'CCC+', or below, the agency said.

The ratings agency had cut Ukraine's rating to restricted default on Friday as it deemed the deferral of debt payments as a completion of a distressed debt-exchange. (Reporting by Shivansh Tiwary in Bengaluru; Editing by Shailesh Kuber)