Ukraine Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Ca Stable | CCC+ Stable | CCC — | NR | C Negative |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jan 22, 2026 | S&P | SD | — | CCC+ | Stable | |
| Dec 22, 2025 | Fitch | RD | — | CCC | — | |
| Aug 13, 2024 | Fitch | C | — | RD | — | |
| Aug 02, 2024 | S&P | CC | Negative | SD | — | |
| Jul 24, 2024 | Fitch | CC | — | C | — | |
| May 10, 2024 | Scope Ratings | CC | Negative | C | Negative | |
| Mar 08, 2024 | S&P | CCC | Negative | CC | Negative | |
| Apr 06, 2023 | S&P | CCC+ | Stable | CCC | Negative | |
| Feb 10, 2023 | Moody's | Caa3 | Negative | Ca | Stable | |
| Aug 23, 2022 | Scope Ratings | NR | — | CC | Negative | |
| Aug 19, 2022 | S&P | CC | Negative | CCC+ | Stable | |
| Aug 17, 2022 | Fitch | C | — | CC | — | |
| Aug 17, 2022 | Scope Ratings | C | Under Review | NR | — | |
| Jul 29, 2022 | S&P | CCC+ | Negative | CC | Negative | |
| Jul 22, 2022 | Fitch | CCC | — | C | — | |
| Jul 22, 2022 | Scope Ratings | CCC | Negative | C | Under Review | |
| Jun 17, 2022 | Scope Ratings | CCC | Under Review | CCC | Negative | |
| May 27, 2022 | S&P | B- | Negative | CCC+ | Negative | |
| May 20, 2022 | Moody's | Caa2 | Under Review | Caa3 | Negative | |
| Mar 04, 2022 | Moody's | B3 | Stable | Caa2 | Under Review |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Ukraine’s current credit rating?
Ukraine’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Ukraine’s credit risk.
Has Ukraine’s credit rating changed recently?
This page lists the latest rating and outlook actions for Ukraine, showing when each agency last reviewed or changed its assessment.
Why does Ukraine’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Ukraine's bond yields, currency, and equity flows as investors reassess risk.
How does Ukraine’s rating compare to other countries?
You can explore how Ukraine ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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