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 S&P Downgrades Ukraine's ratings and predicts decline in GDP

The agency assigned a negative outlook on Ukraine and expects GDP decline of 3% in 2015.

Standard & Poor's international rating agency lowered the rating of Ukraine in foreign currency liabilities from CCC to CCC- assigning a negative outlook, the release says. Sovereign credit rating on the national scale was also revised to negative - from B to CCC+, Censor.NET reports.

At the same time, according to S&P analysts' forecasts, the real gross domestic product (GDP) in 2015 will decline by 3%, after falling by 7% in the current year, and the economic recovery will begin in 2016. According to the assumptions, in 2016 the growth could reach 1.5%, and a year later - 2.5%.

In nominal terms, the rating agency assesses Ukraine's GDP in the current year to be $127 billion compared with $178 billion a year earlier and expects it to fall to $99 billion next year, which will be worse than the crisis year of 2009 with $113 billion.

 
 
 
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