Fitch Ratings downgrades Ukraine’s LTFC to ‘high’ risk of default

Credit ratings agency Fitch Ratings forecasts that Ukraine’s economy will shrink 33% in 2022 with a modest recovery of 4% in 2023. It cites Russia’s war as a great stressor on Ukraine’s economy. Ukraine’s rating dropped from a “C” to a “CCC” for its Long-Term Foreign Currency rating, with “default” as the next and lowest possible rating.