The international rating agency Fitch Ratings has affirmed Ukraine’s long-term foreign-currency issuer default rating (IDR) at “CCC” and its long-term local-currency IDR one notch higher at “CCC+.”
“Ukraine’s long-term foreign-currency IDR reflects significant credit risk given the war and its macroeconomic and fiscal implications. These factors are offset by a manageable debt service schedule in the short term, improved foreign exchange reserves, and significant support from official partners, primarily the EU,” the agency noted on its website.
It attributed the higher rating in local currency to expectations that debt obligations denominated in local currency will be treated on a priority basis, as the majority of hryvnia-denominated debt is held by domestic banks (primarily state-owned) and the National Bank of Ukraine. According to Fitch, this limits the feasibility of restructuring such debt, as it could lead to additional fiscal costs (in particular, for recapitalizing banks).
The agency noted that in 2026, the war intensified: Russia stepped up airstrikes on various sectors of the economy and continues its de facto blockade of Ukraine’s Black Sea coast, which severely hinders key export routes; however, Russian troops have achieved only minor territorial gains. Diplomatic efforts have reached an impasse, and the positions of the parties remain diametrically opposed.
“Fitch expects the war to continue into 2027, as the prospects for a ceasefire are currently weak,” the document states.
The agency forecasts a slight contraction of the economy in 2026 (following zero growth in January–August) followed by 0.2% growth in 2027, provided that however, this latter figure depends on how well the Ukrainian economy can adapt to the expected new phase of airstrikes, the continuation of the naval blockade in the Black Sea, as well as the volume and timing of additional external financial assistance.
According to the report, Ukraine will continue to face a significant budget deficit due to weak domestic revenues (largely caused by a severe disruption of economic activity), as well as very high and inflexible expenditures, primarily related to defense. Fitch forecasts that the fiscal deficit will reach 18% of GDP in 2026 (28% excluding grants) and will decline slightly to 15.6% of GDP by 2028.
It is noted that the Ukraine Support Loan (USL) program covers a significant portion of Ukraine’s financing needs in 2026 (initial forecast: $56 billion) and 2027 (forecast: $43 billion); however, the escalation of the conflict has led to additional financing needs: $27 billion (12.4% of GDP) in 2026 and $33 billion (14.5% of GDP) in 2027; the sources to cover these needs have not yet been definitively determined.
“Support from international donors remains strong and is a key factor underpinning the credit rating. Fitch assumes that the volume of funding—primarily from the EU—will be sufficient to cover short-term financing gaps,” the document states.
At the same time, Fitch added that the prolonged persistence of significant financing needs in the medium term could lead to “donor fatigue” (particularly in the EU), given political disagreements among member states regarding the form and scale of support.
The agency noted that as of the end of 2025, the general government sector’s gross debt stood at 101.2% of GDP, and payments on Eurobonds will not begin until 2029. According to Fitch’s projections, this ratio will rise to 134.3% of GDP by 2028, driven by persistent significant budget deficits and the gradual depreciation of the Ukrainian hryvnia. Fitch treats funds under the USL mechanism and most of the financing under the ERA (Extraordinary Revenue Acceleration) program as contingent liabilities, as their repayment is contingent on Russia’s payment of reparations to Ukraine.
At the same time, the EU’s $18.1 billion contribution to the ERA program, provided through the macro-financial assistance mechanism, is counted as public debt.
According to Fitch’s projections, the current account deficit will reach 24% of GDP in 2026, while the merchandise trade deficit will amount to 40% of GDP. The agency expects the deficit to remain relatively high—averaging 20% of GDP during 2027–2028. Assuming that official external financial support continues, international reserves are projected to cover an average of 4.6 months of current external payments in 2026–2028.
The insurance company “Knyazha Life Vienna Insurance Group” (Kyiv) collected 25.2 million UAH in insurance premiums from January through June 2026, which is 7.32% less than in the same period of 2025.
This was reported by the rating agency “Standard-Rating” on its website in an announcement confirming the company’s financial stability rating/credit rating at the “uaAA+” level based on the results of the reporting period.
It is noted that the insurer’s total insurance payments and claims settlements amounted to 23.986 million UAH, which was 57.97% higher than the amount of payments for the same period in 2025. Thus, the payout ratio rose to 95.10%.
The insurer’s acquisition costs for the first half of 2026 totaled 0.324 million UAH, which is 30.47% less than in the first half of 2025. Net profit amounted to 25.613 million UAH, whereas the insurer had reported a loss for the corresponding period in 2025.
As of July 1, 2026, the company’s assets grew by 5.92% to 1.060 billion UAH, equity by 9.48% to 324.824 million UAH, and liabilities by 4.42% to 735.353 million UAH, while cash and cash equivalents decreased by 23.05% to 6.813 million UAH, and government bonds and bank deposits—as part of current financial investments—increased by 6.88% to 1.028 billion UAH.
Thus, as of the beginning of the second half of 2026, the equity of IC “Knyazha Life Vienna Insurance Group” covered 44.17% of its liabilities, and 0.93% of liabilities were secured by cash and cash equivalents.
The RA also reports that as of the reporting date, the insurer had formed a portfolio of current financial investments totaling 1.028 billion UAH, which included bank deposits and investments in government bonds. Thus, liquid assets (cash and cash equivalents, bank deposits, and government bonds) exceeded the insurer’s liabilities by a factor of 1.41.
The RA notes that the company’s high level of external support is provided by its shareholder—the international insurance group Vienna Insurance Group Wiener Städtische Versicherung AG, headquartered in Austria, which is represented by 50 companies in 30 countries and is a leader in the insurance market of Central and Eastern Europe.
Insurance Company “Quorum” (Kyiv) collected gross insurance premiums totaling 27.983 million UAH in January–June 2026, which is 25.4% less than during the same period in 2025, and net premiums by 27.978 million UAH (-18.9%).
This was reported by the rating agency (RA) “Standard-Rating” in an update on the company’s credit rating and financial stability rating on the national scale at the “uaAA” level for the specified period.
Revenues from individual policyholders at the insurance company decreased by 57.71% to 9.572 million UAH; there were no revenues from reinsurers. The share of individual policyholders in gross premiums for the first half of the year was 34.21%.
The RA also reports that insurance premiums ceded to reinsurers during the specified period amounted to 5,000 UAH, which is 99.83% less than during the corresponding period of 2025. Consequently, the reinsurers’ share of insurance premiums decreased by 8.01 percentage points—to 0.02%.
The volume of insurance payments and claims settled by the company over the first six months increased by 9.94%—to 5.487 million UAH. At the same time, the payout ratio increased by 6.30 percentage points to 19.61%.
The RA notes that the company operated at a loss in the first six months of 2026. The net loss amounted to 1.269 million UAH, whereas in the same period a year earlier, the company reported a net profit of 3.144 million UAH.
As of July 1, 2026, its assets decreased by 0.98% to 80.283 million UAH, equity decreased by 1.85%, to 67.150 million UAH, liabilities increased by 3.73%—to 13.133 million UAH, and cash and cash equivalents—by 3.36%—to 57.372 million UAH.
Insurance Company “Quorum” was established in March 2014 and specializes in risk insurance.
Insurance Company “Busin” (Kyiv) in January–June 2026 collected UAH 134.1 million in gross premiums, which is 16.2% more than during the same period a year earlier, according to a report by Standard-Rating on the update of the insurer’s credit rating/financial stability rating at the “uaAA+” level on the national scale, based on an analysis of the specified period.
It is noted that premiums from individuals increased 9.72-fold—to 797,000 UAH—while those from reinsurers decreased by 49.92%, to 8.524 million UAH.
Premiums ceded to reinsurers during this period fell by 21.95% to 107.401 million UAH. Consequently, the reinsurers’ share of insurance premiums decreased by 39.18 percentage points to 80.11%.
Net premiums rose to 26.668 million UAH, while net earned premiums increased by 25.45% to 43.172 million UAH.
In the first half of 2026, the company paid out UAH 937,000 in insurance benefits and claims to clients, which is 10.65 times more than in the first half of 2025. Consequently, the payout ratio increased by 0.62 percentage points to 0.70%.
The agency notes that in the first six months of 2026, the insurer’s operating profit rose to 6.479 million UAH, and net profit to 15.960 million UAH.
Its assets grew by 8.81% to 304.146 million UAH, equity by 3.01%, to 201.390 million UAH, liabilities by 22.29%, to 102.756 million UAH, while cash and cash equivalents decreased by 4.41% to 231.441 million UAH.
Insurance Company “Busin” was registered in February 1993. It specializes in risk insurance. It is a member of a number of professional and industry associations—the League of Insurance Organizations of Ukraine, the Insurance Claims Club, the International Association of Aviation Insurers (UA), the Nuclear Insurance Pool, the American Chamber of Commerce in Ukraine, and the British Business Club.
According to Experts Club, the largest companies in Ukraine’s non-bank consumer lending market significantly increased their revenue in the first half of 2026. The combined revenue from financial services provided by the five largest players in the segment reached 7.55 billion UAH, which is 24.5% more than in January–June 2025, according to calculations by the Experts Club analytical center based on reports from the National Bank of Ukraine.
When compiling the ranking, Experts Club considered companies whose primary business is issuing consumer and short-term non-bank loans. Therefore, the leasing companies “OTP Leasing” and “ULF-Finance,” which are included in the NBU’s general ranking, were not included in the microcredit ranking.
First place goes to “Ukr Credit Finance,” which operates under the CreditKasa brand. The company’s revenue from financial services for the first half of the year reached 1.977 billion UAH, compared to 1.871 billion UAH a year earlier. This represents growth of approximately 5.7%. The company’s net profit reached 172.6 million UAH, compared to 68.1 million UAH in the first half of 2025, meaning it increased by approximately 2.5 times.
In second place is “Spozhyvchyi Tsentr” LLC (TM “ShvydkoGroshi”) with revenue of 1.504 billion UAH. A year earlier, this figure stood at 1.032 billion UAH, meaning growth reached 45.8%. At the same time, the company became the leader in net profit among leading microcredit providers—361.3 million UAH compared to 186.1 million UAH a year earlier.
Third place goes to FC “Ye Hroshi” with revenue of 1.482 billion UAH, which is 34.7% higher than the figure for the first half of 2025—1.100 billion UAH.
In fourth place is “Aventus Ukraine,” operating under the CreditPlus brand. The company increased its revenue from 1.169 billion UAH to 1.413 billion UAH, or by approximately 20.9%. CreditPlus’s net profit nearly doubled—from 128.3 million UAH to 233.4 million UAH.
Miloan ranks fifth with revenue of 1.172 billion UAH, compared to 893.4 million UAH for the same period last year. Thus, the company increased this figure by approximately 31.2%.
The ranking of the largest microcredit companies by revenue for January–June 2026 is as follows:
CreditKasa — 1.977 billion UAH, +5.7% year-over-year
“ShvidkoGroshi” — 1.504 billion UAH, +45.8%
“Ye Groshi”—1.482 billion UAH, +34.7%
CreditPlus—1.413 billion UAH, +20.9%
Miloan—1.172 billion UAH, +31.2%
The combined revenue of these five companies grew from 6.07 billion UAH to 7.55 billion UAH.
Three other notable online lending companies made it into the top ten of all financial companies in Ukraine by revenue from financial services. MyCredit earned 1.071 billion UAH, which is 4% less than a year earlier, while Credit7 earned 1.012 billion UAH, or 6.8% more. “Bizpozika,” which specializes, in particular, in lending to entrepreneurs and small businesses, increased its revenue by a whopping 91.7%—to 1.066 billion UAH.
Thus, a significant portion of Ukraine’s highest-revenue non-bank financial companies today are involved specifically in lending to individuals and small businesses.
Experts Club notes that the first-half results indicate not only the recovery of the non-bank lending market following the shock of the first years of full-scale war but also its continued concentration around a few major digital brands.
The difference in growth rates is particularly telling. CreditKasa remains the largest company in terms of absolute revenue, but “ShvidkoGroshi,” “Ye Groshi,” and Miloan grew the fastest among the top five in the first half of the year. This means that the gap between market leaders is gradually narrowing.
At the same time, revenue growth should be evaluated alongside profitability. For example, “ShvidkoGroshi,” with revenue of approximately 1.5 billion UAH, reported a net profit of 361.3 million UAH, while CreditKasa, with nearly 2 billion UAH in revenue, earned 172.6 million UAH. CreditPlus, with revenue of 1.41 billion UAH, reported a profit of 233.4 million UAH.
In total, the NBU’s report for the first half of 2026 includes 381 financial companies, compared to 422 a year earlier. A total of 318 companies reported profits, with their combined financial result amounting to 10.8 billion UAH, compared to 8.7 billion UAH for the same period in 2025.
Another 64 financial companies ended the half-year with losses totaling 245.5 million UAH.
According to Experts Club, market dynamics point to two parallel processes: demand for fast non-bank loans remains high, and the sector itself is growing and becoming more financially stable, despite a decline in the total number of active financial companies.
Going forward, key factors for the market will include the cost of customer acquisition, the level of non-performing loans, regulation of the maximum cost of consumer loans, and the ability of companies to retain borrowers amid growing competition from banks’ digital lending products.
Data source: National Bank of Ukraine statistics for the first half of 2026, published in the NBU’s supervisory statistics section.
NBU Statistics on the Nonbank Financial Market
PJSC “Insurance Company ‘Nadiina’” (Kyiv) collected gross insurance premiums totaling 14.816 million UAH in January–June 2026, which is 21.77% less than during the same period a year ago.
This is evidenced by data from the “Standard-Rating” rating agency regarding the update of the insurer’s credit rating/financial stability (reliability) rating to uaA+ on the national scale.
It is noted that premiums from individuals amounted to 0.433 million UAH, while premiums from reinsurers were nonexistent.
Insurance payments remitted to reinsurers more than doubled during the reporting period, reaching 0.764 million UAH. Consequently, the reinsurers’ share of insurance premiums increased by 3.16 percentage points to 5.16%.
The insurer’s net premiums for the first half of 2026 decreased by 24.28% compared to the same period in 2025, to 14.052 million UAH, while net earned premiums fell by 44.66%, to 10.505 million UAH.
The volume of insurance claims paid by SK “Nadiina” for January–June 2026, compared to the first half of 2025, decreased by 25.48% to 4.765 million UAH, and the claims ratio fell by 1.60 percentage points to 32.16%.
The RA reports that, based on the results of the first six months of 2026, the company’s net profit amounted to 49,000 UAH.
As of July 1, 2026, assets grew by 7.62%, to 101.126 million UAH; equity increased by 0.06%, to 81.433 million UAH, liabilities increased by 56.55%, to 19.693 million UAH, and cash and cash equivalents rose by 4.14%, to 70.435 million UAH.
The RA also notes that as of July 1, 2026, IC “Nadiina” had formed a portfolio of current financial investments totaling 15.614 million UAH, consisting entirely of government bonds.
As previously reported, Nadiina Insurance Company was founded in 2006. Agroholding 2012 LLC (Khmelnytskyi region) owns 100% of the insurer.
Agroholding 2012 LLC was established in September 2015. Its beneficiaries, through the “Oferent” venture capital fund, are Galina and Oleksandr Herega. The company’s business activities include the cultivation of grains, legumes, and oilseeds.
