Fitch Ratings lifted Ukraine’s sovereign credit rating to ‘CCC’ from ‘Restrictive Default’ on December 22, 2025, eight notches below investment grade, in a decision that reflects the normalization of the country's debt ties with many overseas private creditors. The upgrade comes after Ukraine agreed to restructure roughly $20 billion in sovereign bonds and $2.6 billion in GDP warrants last week, following its default when the debt repayment moratorium ended in 2024. As a result, 94% of the country’s commercial external debt has now been restructured. Furthermore, the European Union has committed to providing Ukraine with a total of €90 billion in interest-free loans over the next two years, starting in 2025, which should help meet its military and fiscal needs while easing short-term debt repayments. Moody's credit rating for Ukraine was last set at Ca with stable outlook.