S&P cuts Ukraine's credit rating to CC due to expected debt relief for Eurobond holders.

S&P has cut Ukraine's credit rating to CC, the second-lowest level before default, due to the "virtual certainty" that the government will include holders of Eurobonds in its debt-relief efforts. The agency expects Ukraine to begin formal discussions on debt restructuring with private creditors in the short term and complete the process by mid-year. The outlook for the country's foreign currency rating is negative.

March 08, 2024
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