S&P trims VF Ukraine

S&P said it trimmed the ratings for VF Ukraine PJSC and its notes to B- from B and placed them on CreditWatch with negative implications.

The downgrade follows a similar action on Ukraine’s sovereign ratings to B- from B and placement on negative watch, S&P said.

“Our issuer credit rating on VF Ukraine is capped at the level of the B- transfer and convertibility (T&C) assessment on Ukraine. This reflects our view of the likelihood that the Ukrainian government would restrict access to foreign exchange liquidity for Ukrainian companies. As VF Ukraine is a nonexport company and all its revenue comes from Ukraine, we cap our rating at B-,” the agency said in a press release.

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