Skip to content
Markets
Economics

Ukraine Credit Rating Cut by S&P Amid More ‘Protracted’ War

  • Agency places negative outlook on the country amid war risks
  • Moody’s cut Ukraine last week on debt sustainability concerns
Firefighters extinguish a blaze at a Gypsum Manufactory plant after shelling in the city of Bakhmut, Ukraine, on May 27

Firefighters extinguish a blaze at a Gypsum Manufactory plant after shelling in the city of Bakhmut, Ukraine, on May 27

Photographer: Aris Messinis/AFP/Getty Images
Updated on

S&P Global Ratings cut Ukraine’s rating by one notch amid a more protracted conflict than originally forecast when Russia invaded the nation in February. 

Ukraine’s foreign-currency rating was reduced to CCC+, on par with Argentina and Mozambique, and only five notches above default. It also assigned a negative outlook to the country as risks to the economy, external balances, public finances and financial stability stemming from the war might undermine the government’s ability to meet its debt obligations, S&P said in a statement.