Ukraine: Sovereign credit ratings

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Sovereign credit ratings in Ukraine: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch CC NR 6/2024
Scope C Negative 5/2024
Fitch CC Negative 12/2023
Fitch CC NR 6/2023
Scope CC Negative 5/2023
Moody's Ca Stable 2/2023
Fitch CC NR 1/2023
Fitch CC NR 8/2022
Scope CC Negative 8/2022
Scope SD NR 8/2022
Fitch C NR 7/2022
Scope C Developing watch 7/2022
Scope CCC Negative 6/2022
Moody's Caa3 Negative 5/2022
Moody's Caa2 Negative watch 3/2022
Scope CCC Developing watch 3/2022
Standard & Poor's B- Negative watch 2/2022
Fitch B Stable 2/2022
Fitch CCC NR 2/2022
Scope B Negative 1/2022
Fitch B Positive 8/2021
Fitch B Stable 2/2021
Fitch B Stable 9/2020
Fitch B Stable 4/2020
Fitch B Stable 4/2020
Fitch B Positive 3/2020
Standard & Poor's B Developing 1/2020
Standard & Poor's B Developing 1/2020
Moody's Caa1 Positive 11/2019
Standard & Poor's NR NR 9/2019
Standard & Poor's B Stable 9/2019
Fitch B Positive 9/2019
Standard & Poor's B- Developing 6/2019
Fitch B- Stable 3/2019
Moody's Caa1 Stable 1/2019
Moody's Caa1 Stable 12/2018
Fitch B- Stable 4/2018
Fitch B- Stable 10/2017
Moody's Caa2 Positive 8/2017
Fitch B- Stable 4/2017
Fitch B- Stable 11/2016
Moody's Caa3 Stable 11/2015
Standard & Poor's B- Stable 10/2015
Standard & Poor's CC Negative 4/2015
Moody's Ca Negative 3/2015
Standard & Poor's CCC- Negative 12/2014
Standard & Poor's CCC Stable 7/2014
Moody's Caa3 Negative 4/2014
Standard & Poor's CCC Negative 2/2014
Standard & Poor's CCC+ Negative 1/2014
Moody's Caa2 Negative 1/2014
Fitch B- Negative 1/2014
Standard & Poor's B- Stable 12/2013
Fitch B- Negative 12/2013
Standard & Poor's B- Negative 11/2013
Fitch B- Negative 11/2013
Moody's Caa1 Negative watch 9/2013
Fitch B Negative 9/2013
Fitch B Negative 8/2013
Fitch B Negative 7/2013
Fitch B Negative 6/2013
Fitch B Stable 5/2013
Fitch B Stable 3/2013
Standard & Poor's B Negative 12/2012
Moody's B3 Negative 12/2012
Fitch B Stable 8/2012
Fitch B Stable 7/2012
Fitch B Stable 4/2012
Standard & Poor's B+ Negative 3/2012
Fitch B Stable 10/2011
Standard & Poor's B+ Stable 9/2011
Fitch B Positive 7/2011
Standard & Poor's B Positive watch 7/2010
Standard & Poor's B+ Stable 7/2010
Fitch B Stable 7/2010
Standard & Poor's B Stable 5/2010
Standard & Poor's B- Positive 3/2010
Fitch B- Stable 3/2010
Fitch B- Negative 11/2009
Standard & Poor's CCC+ Stable 10/2009
Standard & Poor's CCC+ Positive 7/2009
Moody's B2 Negative 5/2009
Standard & Poor's B Negative watch 2/2009
Standard & Poor's CCC+ Negative 2/2009
Moody's B1 Negative watch 2/2009
Fitch B Negative 2/2009
Standard & Poor's B Negative 10/2008
Standard & Poor's B+ Negative watch 10/2008
Fitch B+ Negative 10/2008
Fitch BB- Negative 9/2008
Moody's B1 Positive 8/2008
Standard & Poor's B+ Stable 6/2008
Fitch BB- Stable 5/2008
Moody's B1 Positive watch 3/2008
Standard & Poor's BB- Negative 4/2007
Fitch BB- Positive 10/2006
Standard & Poor's BB- Stable 4/2006
Fitch BB- Stable 1/2006
Standard & Poor's BB- Stable 11/2005
Fitch BB- Positive 6/2005
Standard & Poor's BB- Stable 5/2005
Fitch BB- Stable 1/2005
Standard & Poor's B+ Stable 7/2004
Moody's B1 Stable 11/2003
Standard & Poor's B Positive 10/2003
Moody's B2 Positive watch 7/2003
Fitch B+ Stable 6/2003
Standard & Poor's B Stable 5/2003
Standard & Poor's B Negative 11/2002
Fitch B Stable 3/2002
Moody's B2 Stable 1/2002
Standard & Poor's B Stable 12/2001
Fitch B- Stable 6/2001
Moody's Caa1 Negative 4/2000
Moody's Caa1 Negative watch 1/2000
Moody's B3 Negative watch 9/1998
Moody's B2 Negative watch 7/1998
Moody's B2 Stable 2/1998

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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