Standard & Poor’s, a New York-based assessor of credit worthiness, thinks the Ukrainian banking sector is on shaky ground. According to its latest report on the country’s banking sector published on September 5, the ratio of risky loans is expected to reach 50 per cent of the sector’s $67-billion loan portfolio. Coupled with a deteriorating economy, it’s one of the reasons why the agency says is one of the weakest globally, and as fragile as its Greek and Egyptian counterparts.
Citing “geopolitical instability,” S&P analysts Annette Ess in Frankfurt and Yulia Kozlova in London implied that Russia’s undeclared war with Ukraine is at the root of the economy’s seven percent contraction this year.
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(Photo: Sanja Gjenero)