The credit ratings agency Standard & Poor's has downgraded its assessment of Russia’s ability to repay foreign debt
, Friday, April 8. That indicates Moscow could soon default on external loans for the first time in more than a century. BOSTON — — The credit ratings agency Standard & Poor's has downgraded its assessment of Russia's ability to repay foreign debt, signalingS&P Global Ratings issued the downgrade to"selective default" late Friday after Russia arranged toon Monday when they were due in dollars.
An S&P spokesperson said a selective default rating is when a lender defaults on a specific payment but makes others on time. Russia’s finance ministry said Wednesday that it tried to make a $649 million payment toward two bonds to an unnamed U.S. bank — previously reported as JPMorgan Chase — but that the tightened sanctions prevented the payment from being accepted, so it paid in rubles., and S&P and other ratings agencies had already downgraded its debt to"junk" status, deeming a default highly likely.
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