HomeEconomyS&P downgrades Ukraine's rating

S&P downgrades Ukraine’s rating

Photo: Volodymyr Zelensky/Telegram

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

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