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S&P Global Ratings cuts Ukraine credit rating amid more 'protracted' war

S&P Global Ratings cut Ukraine's rating by one notch amid a more protracted conflict than originally forecast when Russia invaded the nation in February

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A local resident looks at a damaged during a heavy fighting apartment building near the Illich Iron & Steel Works Metallurgical Plant, the second largest metallurgical enterprise in Ukraine

Maria Elena Vizcaino | Bloomberg
S&P Global Ratings cut Ukraine’s rating by one notch amid a more protracted conflict than originally forecast when Russia invaded the nation in February. 

Ukraine’s foreign-currency rating was reduced to CCC+, on par with Argentina and Mozambique, and only five notches above default. It also assigned a negative outlook to the country as risks to the economy, external balances, public finances and financial stability stemming from the war might undermine the government’s ability to meet its debt obligations, S&P said in a statement. 

“The Ukraine government’s capacity to meet its foreign-currency commercial debt payments is contingent on the flow of

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First Published: May 28 2022 | 8:37 AM IST

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