World Economy

Ukraine’s Forex Rating Lowered

Ukraine’s Forex Rating LoweredUkraine’s Forex Rating Lowered

Fitch downgraded Ukraine’s long-term and short-term issuer default rating in foreign currency from “C” to “RD”, the international rating agency said, Tass reported. The similar rating in national currency was confirmed at “CCC” level, Fitch reported. The ten-day grace period on Ukraine’s $500 million eurobond maturing on September 23, 2015 elapsed without payment being made. “Fitch therefore judges Ukraine to be in default on its sovereign eurobond obligations,” the international rating agency said. Meanwhile, Ukraine’s state-guaranteed debt totaled almost 1.5 trillion hryvnias (more than $70.5 billion) as of August 31, having increased by 394 billion hryvnias in 8 months, press service of the country’s finance ministry reported.