S&P cuts Ukraine's credit rating, assigns negative outlook on conflict fallout
Reuters
Published May 27, 2022 04:35PM ET
Updated May 27, 2022 04:56PM ET
(Reuters) - Global ratings agency S&P on Friday cut Ukraine's sovereign rating to 'CCC+/C' from 'B-/B', citing a larger fallout from Russia's military attack on the country.
"Substantial damage to Ukraine's economy and tax-generation capacity has made government debt payment more dependent on international financial support," the agency said in a statement.The ratings agency said it expected Ukraine's real gross domestic product to contract by 40% if the conflict persists in to second half of 2022.
It also assigned a negative outlook, saying risks from the military conflict could undermine the government's ability to meet its debt obligations.
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Written By: Reuters
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