Standard & Poor's cut down the credit rating of Ukraine to CC level

Source

APK-Inform

1909

The Standard & Poors (S&P) rating agency downgraded the Ukraine’s sovereign-credit rating in foreign currency to "CC" against the previous level of "CCC-". It assigned a negative outlook, informed the press-release of the agency.

At the same time, S&P affirmed Ukraine's long-term local currency sovereign credit ratings at “CCC+”, the short-term foreign and local sovereign credit ratings at “C”, and the national-scale rating - at the level of "uaB +".

“The negative outlook reflects the deteriorating macroeconomic environment and growing pressure on the financial sector, as well as our view that default on Ukraine’s foreign currency debt is virtually inevitable,” – informed the press-release.

The agency experts explained the rating deteriorating by the fact that the Ukrainian government announced its plans to restructure its commercial debt in foreign currency. "We would classify…restructuring of Ukraine's foreign currency debt as tantamount to default,” – informed S&P.

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