• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Republica Press

Your Business & Political News Source

REPUBLICA PRESS
Your Business & Political News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • SCIENCE/TECH
  • US
  • WORLD
  • VIDEOS

S&P cuts Russia’s ratings to ‘CC’ on debt default risk, article with image

by

>>> Don’t Miss Today’s BEST Amazon Deals!<<<<

A general view shows residential buildings in front of the Moscow International Business Center, also known as “Moskva-City”, in Moscow, Russia, May 22, 2017. REUTERS/Sergei Karpukhin

Register now for FREE unlimited access to Reuters.com

March 17 (Reuters) – S&P on Thursday lowered Russia’s rating to ‘CC’ from ‘CCC-‘, as the country reported difficulties meeting debt payments due on its dollar-denominated 2023 and 2043 Eurobonds.

Russia’s payment woes stem from international sanctions over Moscow’s invasion of Ukraine, the ratings agency said. The sanctions have reduced the country’s available foreign exchange reserves and restricted its access to the global financial system.

“Although public statements by the Russian Ministry of Finance suggest to us that the government currently still attempts to transfer the payment to the bondholders, we think that debt service payments on Russia’s Eurobonds due in the next few weeks may face similar technical difficulties,” the agency said.

Register now for FREE unlimited access to Reuters.com

Peer agencies Fitch and Moody’s had also cited concerns about Russia’s ability to meet its debt obligations when cutting the country’s rating by several notches earlier in March. read more

Fitch said on Tuesday Russia’s ratings would be further lowered to “restricted default” if the coupon payments are not made in U.S. dollars, in line with the original terms, by the end of a 30-day grace period. read more

Russian bonds are hovering at deeply distressed levels in very illiquid trading, with most issues trading less than a handful of times a day, according to Refinitiv data. read more

Adding to Moscow’s debt troubles, an exemption that currently allows U.S. citizens or residents to receive Russian debt and equity payments will run out on May 25.

After the sanctions exemption deadline and until year-end, Russia is due to pay nearly $2 billion more on its external sovereign bonds.

Some creditors have received payment, in dollars, of Russian bond coupons which fell due this week, two market sources told Reuters on Thursday. Some other creditors said they are yet to receive their funds but were optimistic they were on the way, according to the report. read more

Register now for FREE unlimited access to Reuters.com

Reporting by Nishara Karuvalli Pathikkal in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Filed Under: BUSINESS Tagged With: Business, Government, Next, Pay, Russia, Ukraine

Primary Sidebar

More to See

RPM Living’s Marketing Team Named Department of the Year for Superior Performance and Talent

AUSTIN, Texas--(BUSINESS WIRE)--As the first multifamily management company to be recognized in the Public Relations and Marketing Excellence Awards, … [Read More...] about RPM Living’s Marketing Team Named Department of the Year for Superior Performance and Talent

These San Francisco homes sold for less than $1 million in October

There have been whispers of cooling housing and rental prices in the San Francisco Bay Area, but that hasn't yet translated into practical, noticeable … [Read More...] about These San Francisco homes sold for less than $1 million in October

Tuesday, November 1. Russia’s War On Ukraine: News And Information From Ukraine

Cars pass in Independence Square at twilight in Kyiv, Ukraine, Monday, Oct. 31, 2022. Rolling ... [+] blackouts are increasing across Ukraine as the … [Read More...] about Tuesday, November 1. Russia’s War On Ukraine: News And Information From Ukraine

Copyright © 2023 · Republica Press · Log in · As an Amazon Associate we earn from qualifying purchases.

Terms and Conditions - Privacy Policy