Moody’s on Friday downgraded Ukraine’s foreign currency sovereign credit rating to “Caa3” from “Caa2”.
The ratings agency cited increased risks to the government’s “debt sustainability” following Russia’s invasion.
“While Ukraine is benefiting from large commitments of international financial support, helping to mitigate immediate liquidity risks, the resulting significant rise in government debt is likely to prove unsustainable over the medium term,” it said in a statement.
Meanwhile, Russia on 24th February launched the war on Ukraine. And, according to the latest updates, Russia has declared victory in its months-long operation to capture the strategic port of Mariupol after Ukraine ordered the last of its troops holed up in the city’s Azovstal steelworks to lay down their arms. Russian defence ministry spokesman Igor Konashenko said 2,439 Ukrainian personnel had surrendered at the steelworks since May 16, the final 500 on Friday. Zelenskiy said Russia should be made to pay for every home, school, hospital and business it destroys. He called on Ukraine’s partners to seize Russian funds and property under their jurisdiction and use them to create a fund to compensate those who suffered.