S&P and Fitch downgrade Kyiv’s foreign currency rating to default
EPA/ANDREW GOMBERT
Fitch forecasts Ukraine’s GDP to contract by 10% in 2015
LONDON, November 11. /TASS/. Standard Poor’s downgrades the long-term foreign currency rating of Ukraine’s capital from “CC” to “D”, the international rating agency said on Wednesday. The long-term national currency rating was also lowered by one notch from “SD” [selective default] to “D”, SP said.
Fitch also lowered the long-term issuer default rating of Kyiv from “C” to “D”, the rating agency reported.
Fitch and SP downgraded Kyiv’s rating because of the missed payment on the city’s $250 mln Eurobonds and the subsequent activation of the cross-default clause on $300 mln Eurobonds.