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Ukraine has been downgraded to default through S
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On Friday, the war-torn nation’s exchange rate was downgraded to “selective default,” or SD, from CC to S.
“We know the transaction is complicated and amounts to a default,” S said.
Investors representing about 75 percent of the country’s $19. 6 billion in foreign bonds have agreed to postpone coupon and principal bills until 2024, officials said Wednesday. that are connected to the economic growth of the country.
The procedure has been backed by many of Ukraine’s key allies, including the United States and the International Monetary Fund, as the country needs money for everything from paying pensions to protecting itself against a much larger, wealthier aggressor.
S
Ukraine has a C rating through Fitch Ratings and Caa3 through Moody’s Investors Service.
Separately, Ukraine’s ukravtodor road firm and force network NPC ukrenergoon also won approval from their bondholders for debt restructuring deals on Wednesday.
(Updates with context everywhere. )
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