S&P rates Ukraine bond BB-

Standard & Poor's said it assigned a BB- senior unsecured debt rating to the $700 million bond due 2017 issued by Ukraine (foreign-currency BB-/negative/B, local-currency BB/negative/B).

Proceeds will go toward current budget funding.

"The ratings on Ukraine are supported by the country's low general government debt and by its recent strong record in attracting foreign direct investment," credit analyst Frank Gill said in a written statement.

Offsetting these strengths are Ukraine's weak political institutions, aggressive private sector leveraging, exposure to commodity prices and high contingent liabilities, Gill said.

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