(Adds background, more details)
April 6 (Reuters) - Ratings agency S&P on Thursday
lowered its rating on Ukraine's foreign currency long-term
sovereign credit to "CCC" from "CCC+", citing concerns over a
recently announced debt restructuring plan.
The downgrade comes after Ukraine was granted a four-year
$15.6 billion loan program by the International Monetary Fund,
as part of a global package to support the country's economy as
it battles the Russian invasion that started in early 2022.
Citing uncertainty regarding the war in Ukraine, the agency
said the government's ability to service local currency
commitments is higher than those in foreign currency.
"We consider it likely that Ukraine will enter a distressed
exchange on its external commercial obligations without an
unforeseen positive development," the agency said.
S&P's outlook on the European nation's long-term sovereign
foreign currency rating is negative.
(Reporting by Nandhini Srinivasan in Bengaluru; Editing by
Devika Syamnath)
