https://sputnikglobe.com/20240803/sp-downgrades-ukraines-credit-rating-as-kiev-defaults-on-bond-payment-1119618061.html
S&P Downgrades Ukraine's Credit Rating as Country Defaults on Bond Payment
S&P Downgrades Ukraine's Credit Rating as Country Defaults on Bond Payment
Sputnik International
International ratings agency Standard and Poor's (S&P) has lowered Ukraine's long- and short-term foreign currency credit ratings to SD/SD (Selective Default) after the country failed to make a bond payment this week.
2024-08-03T00:24+0000
2024-08-03T00:24+0000
2024-08-03T06:48+0000
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MOSCOW (Sputnik) - International ratings agency Standard and Poor's (S&P) has lowered Ukraine's long- and short-term foreign currency credit ratings to SD/SD (Selective Default) after the country failed to make a bond payment this week. "We... understand the government has decided to suspend payments on the affected bonds before the restructuring," S&P said in a statement, noting Ukraine's passage of legislation last month suspending payment on debt liabilities. ""We do not expect the payment within the bond's contractual grace period of 10 business days," the agency added. S&P also said it affirmed its 'CC' rating on Ukraine's remaining unsecured foreign currency debt.The move comes after the US credit rating agency Fitch similarly downgraded Kiev's rating last week. Ukraine has long suffered rampant corruption and economic mismanagement. Experts classify the country as "the most corrupt nation in Europe," a fact exploited by the United States as it has courted Ukrainian leaders to weaponize the country against Russia.
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ukraine credit default, ukraine credit downgrade, ukraine bond default, ukraine eurobonds, ukraine economic collapse
ukraine credit default, ukraine credit downgrade, ukraine bond default, ukraine eurobonds, ukraine economic collapse
S&P Downgrades Ukraine's Credit Rating as Country Defaults on Bond Payment
00:24 GMT 03.08.2024 (Updated: 06:48 GMT 03.08.2024) The move comes after the US credit rating agency Fitch similarly downgraded Ukraine's rating last week. The country has long suffered rampant corruption and economic mismanagement.
MOSCOW (Sputnik) - International ratings agency Standard and Poor's (S&P) has lowered Ukraine's long- and short-term foreign currency credit ratings to SD/SD (Selective Default) after the country failed to make a bond payment this week.
"We... understand the government has decided to suspend payments on the affected bonds before the restructuring," S&P said in a statement, noting Ukraine's passage of legislation last month suspending payment on debt liabilities.
"To that end, the government did not make the coupon payment on its 2026 Eurobond Aug. 1, 2024, when the payment was due... We therefore lowered our long-term and short-term foreign currency (FC) ratings on Ukraine to 'SD/SD' (selective default) from 'CC/C' and our issue ratings on the sovereign's 2026 Eurobond to 'D' (default) from 'CC.'"
""We do not expect the payment within the bond's contractual grace period of 10 business days," the agency added. S&P also said it affirmed its 'CC' rating on Ukraine's remaining unsecured foreign currency debt.
The move comes after the US credit rating agency Fitch similarly downgraded Kiev's rating last week. Ukraine has long suffered rampant corruption and economic mismanagement. Experts
classify the country as "the most corrupt nation in Europe," a fact exploited by the United States as it has courted Ukrainian leaders to weaponize the country against Russia.
