S&P upgrades Ukraine's credit rating from selective default

S&P on Aug. 19 joined Fitch in upgrading Ukraine's rating after the war-torn country secured a two-year reprieve on its foreign debt from creditors earlier in August. While S&P projects that Ukraine's economy will shrink by 40% this year, the agency boosted the country's credit score of foreign debt to CCC+ which “reflects strong committed international financial support to Ukraine, coupled with eroding, albeit still relatively high, foreign exchange reserves,” it said in a statement.