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Fitch Ratings downgrades Ukraine’s LTFC to ‘high’ risk of default

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Credit ratings agency Fitch Ratings forecasts that Ukraine’s economy will shrink 33% in 2022 with a modest recovery of 4% in 2023. It cites Russia’s war as a great stressor on Ukraine’s economy. Ukraine’s rating dropped from a “C” to a “CCC” for its Long-Term Foreign Currency rating, with “default” as the next and lowest possible rating.

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The Kyiv Independent news desk

We are the news team of the Kyiv Independent. We are here to make sure our readers get quick, essential updates about the events in Ukraine. Feel free to contact us via email with feedback and news alerts.

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"Ukraine is a country that has played the role of a reliable food security guarantor for Egypt for many years — and we don't understand why Egyptian partners pay us back by continuing to accept stolen Ukrainian grain," Foreign Minister Andrii Sybiha wrote.

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