S&P cuts Ukraine

S&P said it lowered Ukraine’s long-term foreign-currency sovereign credit and issue ratings to CC from CCC+.

“The rating action follows Ukraine's consent solicitation offer made to its creditors on July 20, 2022, to defer all its foreign debt (commercial and official) service payments over the next 24 months. We understand that the country's official creditors, including the G-7 nations, have already accepted the offer, while private bondholders have been asked to vote on it by Aug. 9. We believe it is virtually certain that the Ukrainian government will stop payments on at least some foreign debt as currently documented,” S&P said in a press release.

The outlook is negative.

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