S&P downgrades Ukraine to CCC

Standard & Poor's said it lowered its long-term foreign currency sovereign credit rating on Ukraine to CCC from CCC+.

At the same time, the agency affirmed the short-term foreign currency sovereign rating at C, the long- and short-term local currency sovereign credit ratings at B-/B and the long-term Ukraine national scale rating at uaBB+.

The outlook is negative.

S&P said the downgrade reflects its view that the political situation in Ukraine has deteriorated substantially. The agency believes that this raises uncertainty regarding the continued provision of Russian financial support over the course of 2014, and puts the government's capability to meet debt service at increasing risk.

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