KYIV, Aug 1 – S&P Global Ratings lowered its foreign currency (FC) long-term sovereign credit and issue ratings on Ukraine to 'CC' from 'CCC+'. The outlook on the long-term sovereign rating is negative.
"Ukraine has proposed to its foreign creditors to defer payments on all external debt obligations by 24 months. As a result of this proposal, we believe a default on the sovereign's foreign currency debt is a virtual certainty," S&P said on Saturday.
|