Moody’s downgrades Ukraine over escalating crisis

Moody’s downgrades Ukraine over escalating crisis

• Moody’s on Friday downgraded Ukraine’s sovereign debt rating a notch
• Citing the country’s escalating political crisis and concerns about whether it will continue to have Russian financial support
• Cut the country’s rating, already in speculative territory, to Caa2 from Caa1
• Put Ukraine on “negative outlook”
• Moody’s cited as a second factor the increased risk of a sharp rise in external financing needs as people snap up foreign currency, which has sent the local currency tumbling.

Ukraine’s hryvnia tumbled 2.5 percent against the dollar on Friday for its biggest one-day fall since the third quarter of 2009

More at the link (above) and also at Reuters