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
Ukraine Finalizes GPD Warrant Deal, Reducing Liability
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)
