Ghana’s restructured Eurobonds rose on the second day of trading after Fitch Ratings assessed the notes as out of default.

New dollar bonds maturing in 2029 gained 0.4 cent to 87.78 cents on the dollar at 4:50 p.m. in London. Securities due 2037 appreciated by 1.5 cents to 42.9 cents on the dollar.

Ghana issued five new dollar bonds to investors on Wednesday to bring a lengthy restructuring exercise involving $13 billion of Eurobonds to completion.

Fitch Ratings assigned the securities a CCC+ rating the following day, indicating that the country’s international bonds were no longer in default even while substantial credit risk may pertain.

Moody’s Ratings on Friday upgraded the nation’s foreign currency issuer rating to Caa2 from Ca, citing the impact of the debt rework on government finances. It also moved the outlook to positive from stable.

A newly issued zero-coupon bond due 2026 rose 0.9 cent to 92.7 cents on the dollar. Another zero-coupon debt maturing in 2030 gained 0.8 cent to 77.88 cents on the dollar while a 5% 2035 note traded relatively unchanged at 71.79 cents on the dollar.

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