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Ukraine Rating Cut to Greek Level by S&P as Devaluation Seen

Ukraine’s debt rating was cut to the same junk level as Greece by Standard & Poor’s, which said the government is struggling to weather a shortage of foreign currency, increasing the likelihood of a hryvnia devaluation.

The rating company lowered Ukraine’s long-term sovereign credit rating one step to B-, six levels below investment grade, with a negative outlook, according to a statement released today. That leaves the eastern European nation on par with Greece and Belize, both of which have restructured debt in the past several years.