2024-03-13T09:44:00+02:00 Politics 2024-09-15T04:36:25+03:00

Ukrainian news

S&P lowers Ukraine's rating from CCC to CC

S&P lowers Ukraine's rating from CCC to CC

The S&P Global Ratings international rating agency has lowered the long-term sovereign credit rating and the foreign currency issuer rating of Ukraine from CCC to CC.

This follows from a statement by the Agency, the Ukrainian News Agency reports.

The forecast for the new rating is "Negative."

S&P expects the Ukrainian government to begin formal debt restructuring negotiations with private creditors in the short term and to complete this process by the middle of this year.

The Agency's experts also consider it almost certain that Ukraine will default on its external commercial obligations.

S&P confirmed Ukraine's short-term ratings in foreign currency at C, in national currency at CCC+/C, and on the national scale at uaBB.

The forecast for the rating in the foreign currency is "Negative," and for the rating in the national currency - "Stable."

Absent government restructuring, Eurobond debt service payments of USD 4.5 billion in 2024 and an average of USD 3 billion annually between 2025 and 2027 are at risk.

The Agency expects that Ukraine will manage to attract USD 38 billion this year after USD 43 billion last year to finance the budget.

As the Ukrainian News agency earlier reported, the international rating Agency Fitch Ratings confirmed the long-term issuer default rating (RDE) of Ukraine in foreign currency at the CC level.