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Moody's cuts Ukraine rating to just above default

Moody's cut Ukraine's sovereign debt rating to one notch above default Tuesday, saying creditors will be forced to take deep losses in a debt restructuringRatings firm Moody’s cut Ukraine’s sovereign debt rating to one notch above default Tuesday, saying creditors will be forced to take deep losses in a debt restructuring. “The key driver of the downgrade is the likelihood of external private creditors incurring substantial losses as a result of the government’s plan to restructure the majority of its outstanding Eurobonds” and other debt, Moody’s Investors Service said. Ukraine’s long-term issuer and government debt ratings were downgraded to Ca from Caa3, and the outlook remained negative, the firm said. Also included in the government’s debt restructuring plan is the external debt of state-guaranteed entities and selected other state-owned enterprises, and the Eurobonds issued by the capital city of Kiev.

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