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

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July 23, 2022 8:31 amby The Kyiv Independent news desk

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
Author:  The Kyiv Independent news desk
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