S&P lowers VF Ukraine

S&P said it downgraded VF Ukraine and its debt to CCC+ from B- and removed all the ratings from CreditWatch with negative implications where they were placed on March 7.

On May 27, the agency downgraded Ukraine’s long-term foreign-currency sovereign and transfer and convertibility ratings to CCC+ from B-.

“We cap our foreign-currency ratings on VF Ukraine at the level of our T&C assessment on Ukraine, reflecting our view that the Ukrainian government would likely restrict access to foreign-exchange liquidity for Ukrainian companies, including the telecom operator since all of its cash flow are generated within the country,” the agency said in a press release.

The outlook is negative reflecting the outlook on Ukraine.

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