// IP Marketing video - START// IP Marketing video - END

S&P downgrades Ukraine credit rating, warns of default

S&P downgrades Ukraine credit rating, warns of default

PanARMENIAN.Net - Rating agency Standard & Poor’s downgraded Ukraine’s long-term foreign currency sovereign credit rating by one notch to CCC with a negative outlook on Friday, Feb 21, citing the political turmoil there that has left at least 77 people dead this week.

According to RIA Novosti, the agency, which last cut the former Soviet country’s long- and short-term foreign currency ratings less than one month ago, said in a statement that it believed “it is likely that Ukraine will default in the absence of significantly favorable changes in circumstances, which we do not anticipate.”

S&P said the fading chances of finding a way out of the current political standoff had jeopardized a $15 billion loan package promised by Russia after Ukraine backed away from signing association deals with the EU in November.

“As a result of the intensifying political turmoil in Ukraine, we consider that continued Russian support up to the committed $15 billion is increasingly uncertain. Should Russian financial support fall short of Russia's commitments, we expect the government of Ukraine to default on its foreign-currency obligations,” the agency said.

Large-scale street protests that first ignited after Ukrainian President Viktor Yanukovych pulled away from the EU deal descended into deadly pitched battles between anti-government protesters and police in Kyiv this week.

 Top stories
Armenia's foreign debt amounts to $4.3 billion as of March 2017, while that of the central bank totaled $517.9 million.
According to Vardanyan, IDeA and its partners and donors have since 2007 invested more than $550 million in various projects in Armenia.
75.8 million kWh of Armenian electricity have been shipped to the Georgian market in the first quarter of 2017.
The government has made a decision to allocate to Sastex the building of the former regional hospital and the adjacent areas.
Partner news