S&P, Fitch Upgrade Ukraine's Credit Rating

S&P joined Fitch on Aug. 19, 2022 in upgrading Ukraine's rating after the war-torn country secured a two-year reprieve on its foreign debt from creditors earlier in the month, Ukraine Daily reported on Aug. 21.

Photo Insert: Ukraine before the war

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.

In London, the UK said Russia has “no moral right” to sit at the G20 meeting. A spokesperson of the British Ministry said that Russia shouldn't be allowed to participate in the Group of 20 while it continues to wage war in Ukraine, Reuters reported.

Turkey's Defense Ministry said on Aug. 20 that two cargo ships have left a Black Sea port, bringing the total number of vessels to depart Ukraine's ports under a United Nations-brokered deal to 27.

Meanwhile, the US has purchased 150,000 tons of Ukrainian grain for the Middle East and Africa.

The shipment was announced by the World Food Program (WFP) chief to the Associated Press (AP), who added that its volume was over six times more than the previous shipment from Odesa organized by the WFP.

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