Standard & Poor’s Downgrades Ukraine, Predicts Default
The international rating agency Standard & Poor's downgraded Ukraine's investment rating as a result of the recent wave of violence and political instability in the country.
S&P has taken down Ukraine's rating from CCC+ to CCC, with a negative outlook for the ability of the government to service its debt.
"We now believe it is likely that Ukraine will default in the absence of significantly favorable changes in circumstances, which we do not anticipate", an analyst of S&P said.
Since the anti-government protests broke out in November, Ukraine agreed a USD 15 B loan from Russia in selling government bonds. This deal served to further escalate the discontent of the public and led to waves of violence.
In the last 3 days, over 70 people were killed in the capital Kiev.
- » Bulgaria’s Govt Debt Equivalent to 29.3% of Projected 2016 GDP in May
- » Juncker Said to Be Planning Introduction of Euro by All EU Member States after Brexit
- » Bulgarian FinMin Foresees 3.5 % Budget Surplus for First Half of 2016
- » Bulgaria’s Gross Foreign Debt Reaches EUR 35.4 B at End-April 2016
- » S&P Downgrades UK Ratings, Revising Outlook
- » Bulgaria's FinMIn Foresees No Serious Impact of Brexit