S&P Global Ratings upgraded Ukraine’s sovereign credit rating to ‘CCC+’ from ‘selective default’ with a 'stable' outlook on January 22, 2026, following the successful $2.6 billion exchange of GDP warrants for new securities maturing in 2032 at the end of December 2025. The upgrade follows a similar move by Fitch Ratings, with both agencies highlighting the significance of the restructuring. While the country completed the main restructuring of $20.5 billion of external commercial debt (78% of its total) in September 2024, an agreement with GDP warrant holders was only reached at the end of 2025. S&P noted that although a small portion of Ukraine’s commercial debt (less than 2.5%) remains in default, this is unlikely to materially affect its ability to service other obligations. The stable outlook reflects manageable near-term debt servicing and continued EU-backed financial support, balanced against ongoing security risks from the war.