Ukraine’s sovereign rating gets downgraded by international agency
The rating agency Standard & Poor’s (S&P) has downgraded Ukraine’s long-term sovereign foreign currency rating to “CCC” from “CCC+” with a negative outlook.
The short-term rating in foreign currency remained at ‘C’, while in Ukrainian currency both ratings (long and short-term) remained at the same levels: long-term at ‘CCC+’ (stable outlook) and short-term at ‘C’.
“The government of Ukraine has announced a plan to restructure external debt by mid-2024, so we see the possibility of Ukraine moving to a turbulent exchange of its foreign trade obligations without an unexpected positive development of events,” the agency said. statement.
The agency pointed to the possibility of downgrading Ukraine’s foreign currency rating next year if Ukraine’s commercial debt is included in the government’s debt restructuring.
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