© Reuters. People walk near an apartment building badly damaged during the conflict between Ukraine and Russia in the southern port city of Mariupol, Ukraine, May 20, 2022. Photo: Alexander Ermoshenko/Reuters
(Reuters) – Global rating agency Standard & Poor’s on Friday downgraded Ukraine’s sovereign rating from B-/B to CCC+/C, citing broader repercussions of Russia’s military offensive on the country.
“The significant damage to the Ukrainian economy and tax-collecting capacity has made repayment of the national debt more dependent on international financial assistance,” the agency said in a statement, which will run until the second half of 2022.
It also gave a negative outlook, saying that the risks of military conflict may undermine the government’s ability to meet its debt obligations.
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