S&P downgrades Ukraine’s credit rating from CCC+ to CC

The American rating agency Standard & Poor’s (S&P) has downgraded Ukraine’s credit rating on Friday from CCC+ to CC, with a negative outlook, after Kyiv asked foreign creditors to postpone the repayment of foreign debt for 24 months.

Ukraine’s Finance Ministry announced earlier in July a request to restructure $22.8 billion of sovereign debt, so it could focus its wane resources on the war with Russia.

“We believe it is virtually certain that the Ukrainian government will stop payments on at least some foreign debt as currently documented,” according to S&P statement on Friday.

S&P considers the debt restructuring process as a default, according to Bloomberg.

Ukraine had forced to devalue its national currency, the hryvnia, this month by 25 percent due to the repercussions of Russian military operations on its economy.