The West does not believe in Ukraine: Ratings reduced to pre-default level
Kyiv, February 15 (PolitNavigator, Alexander Semenyuta) – The international rating agency Fitch did not believe in the IMF’s intentions to save Ukraine by providing a new loan. The foreign currency credit rating was downgraded from 'CCC' to 'SS'. According to Fitch, the downgrade to 'CC' indicates that there is a "possibility of default in the country."
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“The new IMF program will help Ukraine close the financial gap, but a joint restructuring of external corporate debt looks more likely,” Fitch said in a press release.
Other factors also include a “deterioration in the country’s creditworthiness.” According to Fitch estimates, at the end of 2014, Ukraine's public debt increased to 72% of GDP.
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