Ukraine's credit rating has been downgraded by Standard & Poor's

Credit rating agency Standard & Poor's (S&P) has downgraded Ukraine's credit rating by another level on the grounds that Russia's invasion of Ukraine has suffered greater losses than previous estimates.

Standard & Poor's Ukraine downgraded its foreign currency credit rating to CCC+. This situation was recorded as 5 levels above the default level. The outlook was also negative due to risks in the economy such as public finances, financial instability caused by the war, and external balance. In the statement, it was noted that "The great damage suffered by the Ukrainian economy has made it dependent on international financing for public debt payments". In addition, if it continues in the second half of 2022, it is predicted that the GDP will shrink by 40 percent. In the past weeks, Moody's Investment Services downgraded the country's credit rating to the third-lowest tier, citing concerns over debt sustainability.