Standard & Poor’s downgrades the long-term foreign currency rating of Ukraine’s capital from “CC” to “D”, the international rating agency said on Wednesday. The long-term national currency rating was also lowered by one notch from “SD” [selective default] to “D”, S&P said.

 

Fitch also lowered the long-term issuer default rating of Kiev from “C” to “D”, the rating agency reported.

 

Fitch and S&P downgraded Kiev’s rating because of the missed payment on the city’s $250 mln Eurobonds and the subsequent activation of the cross-default clause on $300 mln Eurobonds.