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Ukraine Credit Rating Cut to CC by S&P on Restructuring Plan

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Ukraine’s sovereign-credit rating was cut by Standard & Poor’s, which cited the government’s plans to restructure its foreign debt.

S&P on Friday lowered Ukraine’s assessment by one step to CC, three levels above default, its fifth downgrade of the former Soviet republic since November 2013. It assigned a negative outlook. The country is rated Caa3 by Moody’s Investors Service and CC by Fitch Ratings Ltd., two and three levels short of default.