Ukraine credit rating cut by S&P

One of the world's leading credit rating agencies has downgraded Ukraine in light of political uncertainty and violent clashes in the capital Kiev.
Standard & Poor's said the downgrade reflected "our view that the political situation has deteriorated substantially". It downgraded the economy by one notch, from CCC+ to CCC. Ukrainians are protesting about the government's plans to forge closer ties with Russia rather than with Europe.
S&P also put Ukraine on a "negative outlook", suggesting further downgrades could be possible. "We believe [the current situation] raises uncertainty regarding the continued provision of Russian financial support over the course of 2014, and puts the government's capability to meet debt service at increasing risk," the agency said in a statement, according to a news agency.