Fitch Ratings said Friday it had affirmed Ukraine's Long-term foreign
currency Issuer Default Rating (IDR) at 'CC' and local currency IDR at 'CCC'.
MOSCOW, LONDON (Sputnik) — According a Fitch
press release, "the issue ratings on Ukraine's senior unsecured
foreign and local currency bonds have also been affirmed at 'CC' and 'CCC',
respectively."
A year-long military conflict in eastern Ukraine, which began when
Kiev launched an operation against independence supporters, has resulted
in an economic crisis, leaving Ukraine on the verge of a
default. The country's currency, the hryvnia, has dropped significantly
since 2014.
The country relies increasingly on external financial assistance
to reanimate its stagnant economy amid a deep recession and high
inflation.
The overall external financial aid package to Kiev amounts
to about $40 billion, to be administered over the next four
years; comprising loans from the International Monetary Fund, the United
States and the European Union among others.
No comments:
Post a Comment