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S&P and Fitch downgrade Kiev’s foreign currency rating to default

This was done because of the missed payment on the city’s $250 mln Eurobonds and the subsequent activation of the cross-default clause on $300 mln Eurobonds

© EPA/ROMAN PILIPEY

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Fitch forecasts Ukraine’s GDP to contract by 10% in 2015

LONDON, November 11. /TASS/. Standard & Poor's downgrades the long-term foreign currency rating of Ukraine’s capital from "CC" to "D", the international rating agency said on Wednesday. The long-term national currency rating was also lowered by one notch from "SD" [selective default] to "D", S&P said.

Fitch also lowered the long-term issuer default rating of Kiev from "C" to "D", the rating agency reported.

Fitch and S&P downgraded Kiev’s rating because of the missed payment on the city’s $250 mln Eurobonds and the subsequent activation of the cross-default clause on $300 mln Eurobonds.

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Ukraine crisis Ukraine Economy

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