S&P downgrades Ukraine’s rating to ‘CC’

The relevant statement was published on the agency’s website, an Ukrinform correspondent reports.

In particular, Ukraine’s long-term foreign currency sovereign rating was downgraded from ‘CCC+’ to ‘CC’ with a negative outlook.

According to Bloomberg, Ukraine had its credit grade cut by S&P Global Ratings after the country asked foreign creditors for permission to delay payments on its external debt after Russia’s invasion.

“The rating could be cut again by S&P to selective default if the government in Kyiv gets bondholders to agree to a two-year payment freeze and changes to coupons on its so-called GDP warrants by the middle of next month,” the publication noted.

A reminder that, since the beginning of 2022, Ukraine has made $1.5 billion in foreign debt payments.

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