ZN.UA
Rating agency Standard & Poor's has offered its view not only on the deal Ukraine has struck with its creditors, but on the outlook for the economy, according to the Financial Times.
The rating of the government in Kiev was kept at CC and the outlook at negative, with analysts at S&P arguing that "we would classify any exchange offer or similar restructuring of Ukraine's foreign currency debt as a default under our criteria," the Financial Times reports.
The biggest risks to regaining sustainable economic growth, and therefore sustainable debt levels, include re-establishing financial-sector and exchange-rate stability, according to S&P.
These in turn depend primarily on exogenous factors, such as the country's terms of trade and on the military conflict in the east of the country, which is undermining trade and confidence.
Following last year's 7% real GDP contraction, the S&P expects the economy to contract by around 15% during 2015.
As UNIAN reported earlier,Fitch Ratings downgraded Ukraine's long-term foreign currency Issuer Default Rating (IDR) to 'C' from 'CC' on a recent external debt restructuring announcement.