KYIV, June 1 – S&P Global Ratings has lowered its long-term foreign currency sovereign credit rating on Ukraine to 'CCC+' from 'B-'. The outlook is negative.

According to the agency, the rating action follows its downgrade of Ukraine on May 27, 2022. The agency caps the ratings on Ukrainian local and regional governments at the level of the T&C assessment when the sovereign is rated in the 'CCC' category or below.