S&P cuts Ukraine foreign currency ratings; outlook negative

Tue Jan 28, 2014 1:02pm EST

Jan 28 (Reuters) - Ratings agency Standard & Poor's cut its long- and short-term foreign currency sovereign credit ratings on Ukraine to "CCC+/C" from "B-/B", with a negative outlook, citing escalating political instability.

"We now assess Ukraine under our criteria as exhibiting characteristics of a 'distressed civil society with weakened political institutions,' diminishing the government's capacity to maintain timely debt service," S&P said in a statement. (Reporting By Kanika Sikka in Bangalore; Editing by Maju Samuel)

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