S&P cuts Ukraine's foreign currency credit rating to 'CCC'

April 07, 2023 06:49 AM AEST | By Reuters
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April 6 (Reuters) - Ratings agency S&P on Thursday lowered its rating on Ukraine's foreign currency long-term sovereign credit to "CCC" from "CCC+", citing concerns over a recently announced debt restructuring plan.

The downgrade comes after Ukraine was granted a four-year $15.6 billion loan program by the International Monetary Fund, as part of a global package to support the country's economy as it battles the Russian invasion that started in early 2022.

Citing uncertainty regarding the war in Ukraine, the agency said the government's ability to service local currency commitments is higher than those in foreign currency. "We consider it likely that Ukraine will enter a distressed exchange on its external commercial obligations without an unforeseen positive development," the agency said.

S&P's outlook on the European nation's long-term sovereign foreign currency rating is negative. (Reporting by Nandhini Srinivasan in Bengaluru; Editing by Devika Syamnath)


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