S&P puts Ukraine on CreditWatch negative

This morning Standard & Poor’s put Ukraine on CreditWatch negative, signaling that it could lower the foreign and local sovereign ratings of Ukraine in the next 90 days below its current B/B+ by one or more notches. S&P said that it was awaiting clarification from the Ukrainian government before deciding on the rating and cautioned against increased risks to Ukraine’s realizing political commitment to implement IMF loan conditions. Specifically, S&P expressed concerns about contracting economy, weakening terms of trade and political tension brought about by approaching presidential elections.