S&P Global Ratings has lowered Russia’s foreign currency rating to “selective default” on increased risks that Moscow will not be able and willing to honor its commitments to foreign debt holders.
Source: S&P Global Ratings
“Russia could face its first sovereign external default in more than a century after it made arrangements to make an international bond repayment in roubles this week, even though the payment was due in US dollars. ”
“We currently don’t expect that investors will be able to convert those rouble payments into dollars equivalent to the originally due amounts, or that the government will convert those payments within a 30-day grace period.”
See also: Ukraine will apply to the European Union this summer, – Head of the President’s Office of Ukraine
