S&P Global increases Ukraine's credit rating
Ukrinform
Global ratings agency S&P Global on Friday raised Ukraine’s foreign currency sovereign credit ratings, stressing that the country has completed a distressed debt restructuring process.
That’s according to Reuters, Ukrinform reports.
Ukraine’s long- and short-term foreign currency sovereign credit ratings have been raised to “CCC+/C” from “SD/SD”, according to S&P.
Last week, Ukraine’s foreign creditors backed the government’s request for a two-year freeze on payments on almost $20 billion in international bonds, which will allow the embattled nation to avoid a default.
The agency expects Ukraine’s real gross domestic product to shrink by 40% in 2022 due to collapsing exports, consumption, and investment.
As Ukrinform reported earlier, S&P and Fitch downgraded Ukraine’s foreign currency credit ratings, noting that they see debt restructuring as problematic.
