Research Update: Outlook On Ukraine Ratings Revised To Negative; Ratings Affirmed At 'B+/B' Mar 12

Standard & Poors, March 2012

Abstract
In our view, Ukraine faces significant external and fiscal funding challenges. We are revising the outlook on our long-term sovereign ratings on Ukraine to negative, reflecting our opinion that ongoing uncertainty about the Ukraine government's negotiations with the IMF and Gazprom is increasing refinancing risks. We are affirming our 'B+/B' long- and short-term foreign and local currency sovereign credit ratings on Ukraine. On March 15, 2012, Standard & Poor's Ratings Services revised its outlook on the sovereign credit ratings on Ukraine to negative from stable. At the same time, we affirmed our 'B+/B' long- and short-term local and foreign currency sovereign ratings on Ukraine. We also lowered the long-term Ukraine national scale rating to 'uaA+' from 'uaAA-'. The transfer and...

Companies mentioned in this report are:
- Ukraine

Action: Affirmed
Action: Outlook: Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Ukraine

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