MOSCOW (Sputnik) — Standard & Poor's Ratings Services said on Friday it had affirmed its 'CC' long-term foreign currency sovereign credit rating on Ukraine with the negative outlook.
"In our view, a default on Ukraine’s foreign currency central government debt is a virtual certainty," S&P said in a statement following the assessment of the recent agreement between Kiev and creditors on restructuring of Ukraine's sovereign debt.
"The negative outlook reflects our assessment that default on Ukraine’s foreign currency debt is a virtual certainty, given the government’s stated position and the difficult macroeconomic environment," the statement said.
S&P also affirmed Ukraine's long-term local currency sovereign credit ratings at 'CCC+' and the short-term foreign and local currency sovereign credit ratings at 'C'.
