S&P downgrades Ukraine credit rating, warns of defaultFebruary 21, 2014 - 14:26 AMT PanARMENIAN.Net - Rating agency Standard & Poor’s downgraded Ukraine’s long-term foreign currency sovereign credit rating by one notch to CCC with a negative outlook on Friday, Feb 21, citing the political turmoil there that has left at least 77 people dead this week. According to RIA Novosti, the agency, which last cut the former Soviet country’s long- and short-term foreign currency ratings less than one month ago, said in a statement that it believed “it is likely that Ukraine will default in the absence of significantly favorable changes in circumstances, which we do not anticipate.” S&P said the fading chances of finding a way out of the current political standoff had jeopardized a $15 billion loan package promised by Russia after Ukraine backed away from signing association deals with the EU in November. “As a result of the intensifying political turmoil in Ukraine, we consider that continued Russian support up to the committed $15 billion is increasingly uncertain. Should Russian financial support fall short of Russia's commitments, we expect the government of Ukraine to default on its foreign-currency obligations,” the agency said. Large-scale street protests that first ignited after Ukrainian President Viktor Yanukovych pulled away from the EU deal descended into deadly pitched battles between anti-government protesters and police in Kyiv this week. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |