The medium-term economic outlook is characterized by a high degree of uncertainty.
International rating agency S&P Global downgraded Ukraine’s foreign currency rating, changing it from CCC to CC. It was reported by Reuters.
“Due to the significant damage to physical and human capital, the medium-term prospects of Ukraine’s economy are characterized by a high degree of uncertainty,” said the S&P report.
The agency reported that its outlook on Ukraine’s liability rating is negative.
S&P said it expects Ukraine to begin formal debt restructuring talks with private creditors in the short term and complete the process by the middle of this year.
“We believe it is almost certain that Ukraine will default on external commercial obligations,” the S&P report said.
Let’s recall that in April 2023, S&P downgraded Ukraine’s long-term sovereign credit rating in foreign currency from CCC+ to CCC with negative forecasts.
As reported, Ukraine’s international reserves in February 2024 decreased by 3.8%, or $1.47 billion, to $37.052 billion.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.