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S&P rating agency downgrades Ukraine to default "SD"

The rating action follows the Ukrainian government’s Sept. 23 invitation to commercial bondholders to participate in a series of debt buyback auctions

© AP Photo/Richard Drew

KIEV, September 25. /TASS/. Standard & Poor's international rating agency lowered its long-and short-term foreign currency sovereign credit ratings on Ukraine to "SD" (selective default) from "CC", the agency reported on Friday.

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The rating action follows the Ukrainian government’s Sept. 23 invitation to commercial bondholders to participate in a series of debt buyback auctions, S&P said. "Ukraine’s invitation constitutes the launch of what we consider to be a distressed debt restructuring. We view an exchange offer as tantamount to default" as offer implies that "the investor will receive less value than the promise of the original securities"; and "the offer is distressed, rather than purely opportunistic," the report said.

On Tuesday, Ukraine’s cabinet of ministers announced the launch of state debt restructuring. According to a government decree, the country’s Finance Ministry exchanged debt securities to be restructured for new ones by December 1, 2015. "Starting from September 23, Ukraine is temporarily suspending payments on redemption and service of state debt and government-backed debt on enlisted debt liabilities," the decree said. On September 23, Ukraine had to repay euro bonds worth $500 mln.

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