Ukraine long-term foreign currency sovereign credit rating cut to `B+` - S&P

Standard & Poor`s Ratings Services said it has lowered its long-term foreign currency sovereign credit rating on Ukraine to `B+` from `BB-` and long-term local currency rating to `BB-` from `BB`, citing the failure of authorities to put into place adequate policy measures to counter rising inflation in Ukraine`s overheating economy. According to Thompson Financial, the outlook is stable and balances the sovereign`s relatively underleveraged balance sheet and potential for greater economic diversification against rising inflationary and external pressures, S&P said.

The rating agency affirmed the `B` short-term local and foreign currency sovereign credit ratings and the `uaAA` Ukraine national scale rating.