The international rating agency S\u0026P has downgraded Ukraine's long-term sovereign foreign currency rating from CCC+ to CC. Relevant information is published on the website of the agency.

Ukraine's foreign currency rating downgraded from CCC+ to CC followed by a negative outlook.

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Bloomberg has already commented on the event, noting that the reason for the pre-default state was Ukraine's request to foreign creditors to defer external debt payments since the Russian invasion..

At the same time, according to Bloomberg, Ukraine may enter a selective default as early as next month..

S\u0026P maintained its negative outlook given the high likelihood that Ukrainian officials will move ahead with plans to restructure its external debt.

The rating could be downgraded again by S\u0026P to selective default if the government in Kyiv forces bondholders to agree to a two-year payment freeze and change coupons to their so-called GDP rates by the middle of next month..

Recall that since the beginning of 2022, Ukraine has paid $1.5 billion of external debts.

Earlier, a group of creditors of Ukraine from the G7 countries and members of the Paris Club of creditors announced their intention to defer the payment of principal and interest until the end of 2023. with the possibility of extending the deferral for a year (until 2024).