International rating agency Standard & Poor’s (S&P) upgraded the long-term and short-term sovereign ratings of Ukraine under obligations in foreign currency B-/B to SD/B (selective default).
According to a press release from the agency, long-term and short-term ratings on liabilities in national currency have been upgraded from B-/B to CCC+/C.
The agency changed ratings due to the completion of negotiations of the Ukrainian government on restructuring of external commercial debt.
S&P analysts predict that Ukraine’s real GDP will fall by about 15% in 2015 after contracting by 6.8% last year. In the next year, they expect 2% of growth, in 2017 – 3.5% and in 2018 – 4%.
The growth rate of consumer prices will jump to 55% this year after rising 12.2% in 2014, according to the experts of the agency. In 2016 inflation will slow down to 20%, in 2017 – to 14% and in 2018 – to 9%.