S&P Downgrades Ukraine’s Long-Term Foreign Currency Ratings / Sputnik International

MOSCOW (Sputnik) — Standard & Poor’s Ratings Services said Friday it has lowered its long-term foreign currency sovereign credit rating on Ukraine to ‘CC’ from ‘CCC-‘ with the negative outlook.

“The Ukrainian government has announced its intention to restructure its foreign currency commercial debt. Under our criteria, we expect we would classify an exchange offer or similar restructuring of Ukraine’s foreign currency debt as tantamount to default,” the ratings agency said in a statement.

“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.”

via S&P Downgrades Ukraine’s Long-Term Foreign Currency Ratings / Sputnik International.

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