S&P Global cut Ukraine's long-term foreign currency credit rating and warned that it expects the country to default on its external commercial obligations as the war drags on at least through the year and government spending remains extremely high.
"The rating action reflects our belief that the inclusion of commercial creditors (Eurobond holders) in Ukraine's ongoing government debt relief effort is a virtual certainty," the rating agency said in announcing its latest rating action on Friday. "This effort aims to ease external debt service pressure and restore public debt sustainability."
