Rating agency S&P Global on Friday affirmed Ukraine's foreign credit rating at “selective default” after bondholders approved the country's plan to restructure more than $20 billion in debt. Reuters reports , UNN reports .
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The debt restructuring provides Ukraine with an important breathing space that will help stabilize the budget amid a protracted conflict with Russia that is increasing defense spending. S&P views the restructuring as “difficult,” indicating that financial pressures on Ukraine will continue.
The agency also affirmed Ukraine's local currency rating at 'CCC+/C' with a stable outlook.