KIEV, Dec. 4 – Fitch Ratings has upgraded PrivatBank's (Privat) Long-term foreign currency Issuer Default Rating to 'CCC' from 'RD' (Restricted Default) on completion of the bank's external debt restructuring, Fitch said in a statement.

The Viability Rating (VR) has also been upgraded to 'ccc' from 'f'.

"The upgrade of the bank's VR to 'ccc' reflects Fitch's assessment of the bank's standalone profile following its external debt restructuring. Specifically, the upgrade reflects reduced near-term refinancing requirements, as the restructuring of the bank's senior eurobonds, originally due in September 2015, and subordinated notes (not rated by Fitch) originally due in February 2016 (with a combined nominal value of $350 million, or 3% of end-3Q15 liabilities under local GAAP) resulted in a lengthening of the external debt maturity profile," the statement reads.