Standard & Poor's issued a downgrade of Russia's foreign currency rating increasing the prospect of defaulting on external loans for the first time in more than a century.
foreign currency rating increasing the prospect of defaulting on external loans for the first time in more than a century.GET FOX BUSINESS ON THE GO BY CLICKING HERE
Earlier in the week, Russia arranged to make foreign bond payments in rubles when they were due in dollars. S&P didn’t expect Russia to be able to convert the rubles into dollars within the 30-day grace period allowed.The downgrade decision was based partly on its opinion that sanctions on Russia over its invasion ofA selective default rating is when a lender defaults on a specific payment but makes others on time, according to an S&P spokesperson.The U.S.
A picture shows the Vodovzvodnaya Tower of the Kremlin and the Ministry of Foreign Affairs of Russia's building. S&P and other ratings agencies had already downgraded Russia's debt to "junk" status, deeming a default highly likely. The country has not defaulted on foreign debt since the Bolshevik Revolution in 1917, when the Soviet Union emerged.
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S&P downgrade indicates Russia headed for historic defaultThe credit ratings agency Standard & Poor's has downgraded its assessment of Russia’s ability to repay foreign debt
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