The second major international rating agency downgraded Ukraine’s credit ratings. Earlier it was done by Moody’s.
S&P Global Ratings downgraded long-term and short-term foreign currency sovereign credit ratings from B-/B to CCC+/C.
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“We expect that the Russian-Ukrainian military conflict will last. In our opinion, the ability of the Ukrainian government to repay its commercial debt in foreign currency depends on the flow of donor support,” the message said.
The transfer value and convertibility analysis were also lowered from B- to CCC+.
At the same time, ratings in the national currency were confirmed in B-/B and uaBBB-, because they believe that the public debt of Ukraine denominated in hryvnias is less vulnerable to non-payments.
In addition, the agency removed the ratings from the list for review for possible downgrading and assigned a negative outlook.
“The negative outlook reflects the risks to Ukraine’s economic, external balance, public finances and financial stability associated with the military conflict, which could harm the government’s ability to meet its debt obligations,” the document said. .
Earlier, Ukraine’s long -term credit rating was downgraded by Moody’s Investors Service from Caa2 to Caa3, with a “negative” outlook.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.