International credit rating agency Standard & Poor's S&P has downgraded Ukraine's credit rating, saying it is almost certain that it will default.
S&P said in a statement today (30th) that it had downgraded Ukraine's long-term government bond ratings by three levels from CCC+ to CC.
Both CCC+ and CC are non-investment grades with potential for default, but CC contains a very high risk assessment.
S&P explained the reason for the downgrade, saying Ukraine's recent announcement of a plan to delay repayment of foreign bonds and interest payments for 24 months "means the default is virtually certain."
The rating outlook remains 'negative', meaning that the rating could go down further in the future.
"It is possible that Ukraine will implement its debt restructuring plan, which reflects our judgment that it will soon be on par with default," S&P said.
The Ukrainian government previously announced on the 20th that it would delay the repayment of Eurobonds and interest payments for 24 months from the 1st of next month.
(Photo=Provided by the Office of the President of Ukraine, Yonhap News)