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Expert: Ukraine’s rating downgrade to restricted default puts end on investments

October 07, 2015, 16:57 UTC+3 KIEV
It will be extremely difficult for Ukraine to make any borrowings on financial markets, primarily private financial markets, ex-minister of economy of Ukraine Viktor Suslov explains
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© EPA/VOLODYMYR PETROV

KIEV, October 7. /TASS/. Downgrade of Ukraine’s short-term and long-term issuer default rating to "RD" (restrictive default) by Fitch Ratings will further affect investment attractiveness of the country, ex-minister of economy of Ukraine Viktor Suslov told TASS on Wednesday.

"This is significant. It underlines investment unattractiveness of the country. This means it will be extremely difficult for Ukraine to make any borrowings on financial markets, primarily private financial markets," the expert said.

Furthermore, this is a signal of potential default on other liabilities and highlights the decline of other economic indicators. "Production volume drops, unemployment grows and the GDP is likely to continue falling in case of investments outflow," Suslov said.

Kiev will have the restricted default rating until the issue of new Eurobonds, Ukraine’s economist Andrei Blinov said in his turn. "Ukraine will have such ratings until new securities are issued. The probability is fairly high the new "CCC" rating will be assigned to new securities to be issued provisionally in November," Blinov said.

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