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

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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.

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The Kyiv Independent news desk

We are the news team of the Kyiv Independent. We are here to make sure our readers get quick, essential updates about the events in Ukraine. Feel free to contact us via email with feedback and news alerts.

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The Kyiv Independent staff documented what it feels like to live and sleep in Kyiv, Ukraine, as Russia intensifies its drone and missile attacks on the city. Filmed over several weeks in June and July, our journalists take shelter in bathrooms, basements, and parking garages as explosions ring out overhead.

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