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Kiev's rating lowered by S&P to "CC" from "CCC-", outlook negative

April 17, 2015, 20:20 UTC+3 MOSCOW
The foreign currency rating is expected to be lowered to "SD" or "D" once the restructuring procedure is completed
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© AP Photo/Richard Drew

MOSCOW, April 17. /TASS/. Standard & Poor's rating agency lowered ratings on Kiev to "CC" from "CCC-", it reported Friday.

"The outlook is negative, reflecting our view that a default on Kiev’s debt is virtually inevitable," the agency said. "We expect we will lower the foreign currency rating to "SD" or "D" once the restructuring procedure is completed. We may lower the local currency rating if, as we expect, the city does not repay the domestic bonds maturing in October-December 2015," the report said.

On April 10, 2015, S&P lowered foreign currency ratings on Ukraine to "CC" from "CCC-" with negative outlook as the country had announced intention to restructure its foreign currency commercial debt.

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