This happened because of Ukraine’s refusal to pay $ 665 million to those with GDP trunts.
The S&P Global International Rating Agency reduced the rating of Ukrainian bonds tied to GDP from CC to D (default). This is reported on the agency’s website.
It was noted that on June 2, Ukraine did not pay $ 665 million in its security, which caused the rating to decline from CC to D.
“We do not expect payment during the grace for security sets set by a 10 business agreement, considering the government moratorium for payments for these bonds, if they are not reorganized,” the agency explained.
At the same time, Ukraine’s ratings on foreign currency remained at the SD/SD/SD (Selective Default) level, and the sovereign rating in hryvnia was saved at the CCC+/C level.
The forecast for hryvnias is stable. It reflects the government’s interest in serving internal debt to prevent pressure on the banking system, which is the main owner of these bonds.
Keep in mind that Ukraine may not agree with creditors and has missed paying $ 665 million in public debt related to so many GDP varantants – debt obligations tied to the speed of economic growth.
Ukraine announces a technical default for security
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.