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S&P cuts Ukraine's credit grade as default becomes 'virtual certainty'

Ukraine had its credit grade cut by S&P Global Ratings after the war-ravaged nation asked foreign creditors for permission to delay payments on its external debt after Russia's invasion

Donetsk People Republic Emergency Situations Ministry employees clear rubble at the side of the damaged Mariupol theater building during heavy fighting in Mariupol, in territory under the government of the Donetsk People's Republic, eastern Ukraine,
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Sydney Maki | Bloomberg
Ukraine had its credit grade cut by S&P Global Ratings after the war-ravaged nation asked foreign creditors for permission to delay payments on its external debt after Russia’s invasion.

The country was downgraded to CC from CCC+ on Friday by S&P, which kept a negative outlook given the high probability that officials move forward with plans to restructure its foreign debt. The rating could be cut again by S&P to selective default if the government in Kyiv gets bondholders to agree to a two-year payment freeze and changes to coupons on its so-called GDP warrants by the middle of next

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First Published: Jul 30 2022 | 7:46 AM IST

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