S&P affirms Ukraine's rating at 'selective default' after restructuring
Kyiv • UNN
S&P Global has affirmed Ukraine's credit rating at 'selective default' after approving a $20 billion debt restructuring. The agency considers the restructuring “difficult” and predicts that financial pressure on the country will continue.
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 .
Details
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.
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