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Ukraine completes GPD warrant deal, eliminating 'significant' liability
Published by Global Banking & Finance Review®
Posted on December 24, 2025
1 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 24, 2025
1 min readLast updated: January 20, 2026
Ukraine finalizes a $2.6 billion GPD warrant deal, reducing a major liability and restoring fiscal predictability, as Fitch upgrades its credit rating.
LONDON, Dec 24 (Reuters) - Ukraine said on Wednesday it had completed the settlement of a deal to restructure $2.6 billion of growth-linked debt.
Concluding the transaction, announced earlier this month with more than 99% support from debtholders, is a relief for Kyiv, which said the instruments could have cost it as much as $20 billion through 2041 as its war-ravaged economy recovered.
"This restructuring eliminates a significant contingent liability from Ukraine's public finances," said the finance ministry, adding it "restores fiscal predictability, strengthens debt sustainability, and safeguards budget resources".
It also marks a key step to emerging from a debt default sparked by Russia's 2022 full-scale invasion.
Earlier this week, credit ratings agency Fitch upgraded Ukraine's long-term foreign-currency rating to "CCC" from "Restricted Default", citing normalised relations with most external commercial creditors.
The warrant traded 0.56 cents higher at 103.63 cents on the dollar.
(Reporting by Libby George and Prerna Bedi; Editing by Alexander Smith)
Debt instruments are financial assets that represent a loan made by an investor to a borrower, typically including bonds, mortgages, and notes, which require repayment with interest.
Debt sustainability refers to a country's ability to manage its debt levels without requiring debt relief or accumulating further debt, ensuring that it can meet its current and future obligations.
A credit rating is an assessment of the creditworthiness of a borrower, typically expressed as a letter grade, which helps investors gauge the risk of lending money or investing in that entity.
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