Standard & Poor's Downgrades Ukraine To Pre-Default

International rating agency Standard & Poor's has downgraded Ukraine's long-term sovereign rating from CCC + to CC. This was reported on the website of the agency.

As stated in the text of the message from S&P, the forecast for the long-term sovereign rating of Ukraine in foreign currency is downgraded to CC with a subsequent negative forecast.

The agency adopted this resolution on the basis of the decision of the Cabinet of Ministers of Ukraine to ask for a delay in payments for all external obligations of state-owned companies for 24 months.

As noted in the agency's information, the last time S&P lowered Ukraine's long-term rating in foreign currency from the level of "B-" to "CCC +" at the end of May.