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Moody’s lowers Ukraine’s sovereign ratings

March 25, 2015, 10:00 UTC+3 NEW YORK
The reason of the downgrade is the government's plan to restructure the majority of its outstanding Eurobonds
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© AP Photo/Emilio Morenatti

NEW YORK, March 25. /TASS/. Moody’s agency has downgraded Ukraine’s long-term issuer and government debt rating to Ca from Caa3 with a negative outlook, the agency said in a statement in March 24.

"The key driver of the downgrade is the likelihood of external private creditors incurring substantial losses as a result of the government's plan to restructure the majority of its outstanding Eurobonds," Moody’s said.

"Ukraine's government and external debt will remain at very high levels even if these [economic, budget/debt and monetary] reforms are successful, and despite the lower debt levels achieved by the external debt restructuring," the agency noted.

Obligations rated Caa3 by Moody’s are judged to be of poor standing and are subject to high credit risk. Rating Ca means obligations are judged to be highly speculative and with likelihood of being near or in default.

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