Ukranian News - S&P Downgrades Ukraine's Ratings To B- To B:
"The Standard&Poor's international rating agency has downgraded long-term soverign ratings of Ukraine to B- from B, S&P has said.
The rating agency also lowered the long-term Ukraine national scale rating to 'uaBBB-' from 'uaA-'.
Ratings outlook is Negative.
According to the agency, the Ukrainian government has yet to implement a strategy to secure sufficient foreign currency to meet its elevated external financing needs.
The outlook remains negative, reflecting our opinion that there is at least a one-in-three likelihood of a downgrade over the next year if Ukraine's net international reserves decline faster than the agency currently expects and external and fiscal commitments become increasingly difficult to meet.
The downgrade reflects our view that the government's strategy is increasingly unlikely to secure sufficient foreign currency to meet its elevated external financing needs."
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