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    Home > Finance > S&P lowers issue rating on Ukraine's GDP-linked debt to 'D' from 'CC'
    Finance

    S&P lowers issue rating on Ukraine's GDP-linked debt to 'D' from 'CC'

    Published by Global Banking & Finance Review®

    Posted on June 3, 2025

    2 min read

    Last updated: January 23, 2026

    S&P lowers issue rating on Ukraine's GDP-linked debt to 'D' from 'CC' - Finance news and analysis from Global Banking & Finance Review
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    Tags:GDPdebt instrumentsfinancial communitydebt sustainability

    Quick Summary

    S&P Global downgraded Ukraine's GDP-linked debt to 'D' after a missed payment, with the government seeking restructuring.

    S&P lowers issue rating on Ukraine's GDP-linked debt to 'D' from 'CC'

    (Reuters) -S&P Global revised its issue rating on Ukraine's GDP-linked securities to "D" from "CC" on Tuesday, saying it missed the $665 million payment to holders of its GDP warrants due on June 2.

    The Ukraine government said on Friday it would not make the payment, based on 2023 economic performance, but would continue to seek a restructuring of the instrument.

    Ukraine created the instruments - fixed income securities indexed to economic growth - to sweeten its 2015 debt restructuring, but they had not been part of last year's broader restructuring due to their complex structure.

    "We do not expect the payment within the securities' contractual grace period of 10 business days, given the government's moratorium on payments on this bond unless it is restructured," ratings agency S&P said.

    In S&P's view, the Ukraine government's ability and medium-term incentives to meet its financial commitments in local currency (LC) are somewhat higher than those relating to foreign currency debt.

    "A default on these LC obligations would amplify banking sector distress, increasing the likelihood that the government would have to provide the banks with financial support and limiting the benefits of debt relief," it added.

    (Reporting by Nishara K.P in Bengaluru; Editing by Shounak Dasgupta)

    Key Takeaways

    • •S&P Global downgraded Ukraine's GDP-linked securities to 'D'.
    • •Ukraine missed a $665 million payment due on June 2.
    • •The government seeks restructuring of the GDP warrants.
    • •The complex structure excluded them from last year's restructuring.
    • •A default could increase banking sector distress.

    Frequently Asked Questions about S&P lowers issue rating on Ukraine's GDP-linked debt to 'D' from 'CC'

    1What did S&P Global revise Ukraine's GDP-linked securities rating to?

    S&P Global revised its issue rating on Ukraine's GDP-linked securities to 'D' from 'CC'.

    2Why did Ukraine's government decide not to make the payment?

    The Ukraine government stated it would not make the payment based on 2023 economic performance and would continue to seek a restructuring of the instrument.

    3What is the grace period for the payment on the GDP-linked securities?

    The contractual grace period for the payment on the GDP-linked securities is 10 business days.

    4What could a default on local currency obligations lead to?

    A default on local currency obligations could amplify banking sector distress, increasing the likelihood that the government would have to provide financial support to the banks.

    5What was the amount due for the GDP warrants?

    The amount due for the GDP warrants was $665 million.

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