Ukraine’s Rating Cut by S&P as IMF Delay Raises Default Risk - Bloomberg

Ukraine’s Rating Cut by S&P as IMF Delay Raises Default Risk - Bloomberg:



"Ukraine’s credit rating was cut by Standard & Poor’s, which said a default could become inevitable as central bank reserves are melting and a bailout is being held up as fighting in the country’s easternmost regions continues.



S&P lowered the long-term sovereign rating one level to CCC-, nine steps below investment grade, assigning a negative outlook, according to a report published today. The country’s 2017 dollar bonds gained, the hryvnia was little changed.



“A default could become inevitable in the next few months if circumstances do not change, for instance if additional international financial support is not forthcoming,” S&P analysts led by Ana Jelenkovic said in a statement from London."



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