: :inin Kyiv (EET)

Moody’s Cuts Ukraine Credit Rating on Negative Forecast


Moody’s Investors Service cut Ukraine’s credit rating to its second-lowest level Tuesday, while warning that creditors faced deep losses in debt-restructuring negotiations with bondholders.

A statement from the credit rating agency said default on repayment of $40 billion in aid from the International Monetary Fund was “virtually” certain, as Kyiv continues preliminary talks on restructuring the majority of its outstanding eurobonds.

Ukraine, mired in a costly and deadly yearlong conflict with pro-Russian rebels near the Russian border, is seeking to cut about $15 billion from its debt-servicing costs over four years, as part of the IMF aid approved earlier this month.

Moody’s said …read more

Source: Voice of America

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