Arab Today, arab today moody\s downgrades ukraine citing worsening finances
Last Updated : GMT 09:53:02
Arab Today, arab today
Arab Today, arab today

Moody\'s downgrades Ukraine, citing worsening finances

Arab Today, arab today

Arab Today, arab today Moody\'s downgrades Ukraine, citing worsening finances

Washington - AFP

Moody\'s lowered Ukraine\'s bond rating by one notch to Caa1 on Friday and warned of a further cut, saying government reserves were running dry and problems with Russia could worsen. \"The country\'s foreign-exchange reserves are already at a very low level,\" Moody\'s said. \"Pressure on reserves is likely to rise due to increased domestic demand for foreign currency in the autumn and significant foreign currency-denominated debt repayments until end-2014.\" Moody\'s also said that there were diminishing prospects that the International Monetary Fund would provide a new support loan program for the country, because of government actions at odds with requirements under a previous, canceled IMF program. In addition, Moody\'s said, the country was facing deteriorating relations with its giant neighbor Russia, impacting the economy, as it seeks to sign an Association Agreement with the European Union. Moody\'s said Ukraine\'s foreign currency reserves had fallen 30 percent in a year to $19.7 billion at the end of August, enough to cover just 2.3 months\' worth of imports. Reserves could sink even more, it said, in coming months \"due to increased demand from the domestic population, higher gas imports and downside risks to exports.\" In addition, the country needs to pay out $10.8 billion on its foreign debt from now through the end of 2014, likely to strain finances. After a 2010 IMF support program of $15.3 billion was frozen and then canceled at the end of last year, Moody\'s said the prospects for a new one were looking worse. It pointed to the Ukraine treasury\'s possible plan to raise money by issuing promissory notes, \"an instrument that the IMF is unlikely to favor.\" That and other issues will add to existing, unresolved points of disagreement between the Ukraine government and the Fund over too-low energy prices, a fixed exchange rate and fiscal issues. More possible problems with Russia also cloud the country\'s future, Moody\'s said. \"Russia has been explicit about its disapproval of a potential Ukraine-EU Association Agreement\" slated for signing in November. \"While Moody\'s views the prospects of signing this agreement as credit positive for Ukraine in the medium-term... the short-term credit negative impact of a negative reaction by Russia outweighs these benefits.\" It pointed to Moscow\'s recent restrictions on imports from Ukraine, threatening a key source of foreign income. Moody\'s warned that its rating -- which already holds the country\'s bonds deep in \"junk\" territory -- is \"subject to significant downward pressure\" that could lead to another downgrade.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today moody\s downgrades ukraine citing worsening finances Arab Today, arab today moody\s downgrades ukraine citing worsening finances

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today moody\s downgrades ukraine citing worsening finances Arab Today, arab today moody\s downgrades ukraine citing worsening finances

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday