Home Economy S&P downgraded Ukraine’s rating from CCC+ to CC with a negative outlook

S&P downgraded Ukraine’s rating from CCC+ to CC with a negative outlook

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S&P Global Ratings has downgraded Ukraine’s long-term foreign currency sovereign rating from CCC+ to CC. The forecast remains negative due to the government’s plans to restructure the public debt. S&P Global Ratings does not exclude that it will lower the rating to SD (selective default) if the Ukrainian authorities restructure the state debt. “We believe that the Ukrainian government will almost certainly stop paying at least some of its foreign debt,” the agency said in a statement. The short-term rating in foreign currency is confirmed at the level of C, in national currency — B-/B. The agency believes that public debt in hryvnia is less vulnerable to defaults. Fitch last week downgraded Ukraine’s issuer default rating from CCC to C (pre-default). The decision was also explained by Kyiv’s plans to negotiate with creditors to defer payments on the public debt. On the situation in the Ukrainian economy – in the material “Kommersant” “The hryvnia has fallen in price by a quarter.” More news in the Kommersant Telegram channel. .

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