Fitch keeps Ukraine at CCC rating, sees conflict persisting until 2027

Fitch announced that Ukraine's long-term foreign-currency sovereign rating remains at CCC, reflecting deep speculative risk amid the protracted war with Russia. The agency stressed that the conflict is projected to last until at least 2027, keeping the nation reliant on foreign assistance to fund persistent fiscal deficits. Despite the war-related strain, Fitch noted a relatively stable near-term debt-service profile, improved reserve levels and significant backing from international partners.

Economic forecasts show a marginal contraction in 2026, followed by a modest 0.2 percent expansion in 2027. Fitch also explained that it does not assign outlooks to sovereigns rated CCC+ or lower. The rating underscores the balance between heightened credit risk and the country's capacity to meet immediate obligations.