S&P upgrades Ukraine’s ratings after debt restructuring
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S&P raised Ukraine’s long-term foreign currency rating from SD (selective default) to CCC+. Solution received in connection with the completion of Ukraine’s debt restructuring.
The short-term foreign currency rating was upgraded from SD to C. The sovereign ratings in national currency were affirmed at CCC+ and C. The outlook for the long-term ratings is stable.
S&P and Fitch last week downgraded ratings of Ukraine to SD and RD (selective default and limited default), respectively. The agencies considered that the authorities allowed the default by agreeing with Eurobond holders to defer payments on the public debt for 24 months. Earlier this week Fitch increased forecast to CC. The agency also explained this by the completion of the debt restructuring procedure.
On the situation in the Ukrainian economy – in the material “Kommersant” “The hryvnia has fallen in price by a quarter”.
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