2022-04-11, 07:13 PM
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S&P Hits Russia With Default Rating on Foreign Debt
S&P Global moved Russia into default on its foreign-debt credit rating after the government attempted to make a payment on a dollar bond to investors in rubles.
The ratings company is the first to declare the country in default. Russia attempted to make the dollar bond payment due April 4 but the transfer of money was blocked under U.S. sanctions. The Treasury Department refused to approve a waiver to allow the payment to go through. It had granted such waivers on previous payments in March.
Russia responded to the Treasury’s blocking by paying bondholders in rubles. The Ministry of Finance said Wednesday the ruble payment meant Russia had fulfilled its obligations. A spokesperson for the ministry didn't respond to a request for comment Saturday.
The timing of S&P’s move came as something of a surprise and there remained the possibility that Russia doesn’t actually default on its debt. Russia has a 30-day grace period from the time the bond payment was due on April 4 to make investors whole under the terms of the bond.
The move by S&P is unlikely to have an immediate impact on Russia or on investors in its bonds. Sanctions unveiled at the end of February in response to the war in Ukraine already cut Russia off from international borrowing markets. Russian government debt denominated in dollars and euros trades at a fraction of face value on the expectation that Russia would be unable or unwilling to pay.
But having a major ratings company declare Russia in default shows the swiftness of Moscow’s unplugging from the financial system. Russia had worked for years to improve its creditworthiness with foreign investors and was rated investment grade before the war.
S&P placed Russia in its default category because it doesn't expect Russia to be able to convert the ruble payments it made into dollars.
Russia’s default is unusual, in that it has plenty of money to pay off its debts. The country amassed over $600 billion in foreign-currency reserves as part of its “Fortress Russia” project to protect its economy after the West sanctioned the country after its 2014 annexation of Crimea. The reserves were frozen under the Western sanctions.
Russia has blamed the West for blocking its ability to make good on its debt payments.
S&P placed Russia in a category known as selective default, which indicates it failed to pay bondholders on a specific type of debt—in this case foreign currency debt—but may continue to meet obligations on other borrowings. S&P kept Russia’s local-currency debt rated in a category just above default.
“Sanctions on Russia are likely to be further increased in the coming weeks, hampering Russia's willingness and technical abilities to honor the terms and conditions of its obligations to foreign debtholders,” the company said.
S&P last month said it would stop rating Russian debt, responding to European Union sanctions. It officially withdraws its ratings from April 15, the company said.
https://www.wsj.com/livecoverage/russia-...hLSqlwsbgs
https://www.cnn.com/2022/04/11/investing...index.html
https://www.nbcnews.com/business/busines...-rcna23873
...
S&P Hits Russia With Default Rating on Foreign Debt
S&P Global moved Russia into default on its foreign-debt credit rating after the government attempted to make a payment on a dollar bond to investors in rubles.
The ratings company is the first to declare the country in default. Russia attempted to make the dollar bond payment due April 4 but the transfer of money was blocked under U.S. sanctions. The Treasury Department refused to approve a waiver to allow the payment to go through. It had granted such waivers on previous payments in March.
Russia responded to the Treasury’s blocking by paying bondholders in rubles. The Ministry of Finance said Wednesday the ruble payment meant Russia had fulfilled its obligations. A spokesperson for the ministry didn't respond to a request for comment Saturday.
The timing of S&P’s move came as something of a surprise and there remained the possibility that Russia doesn’t actually default on its debt. Russia has a 30-day grace period from the time the bond payment was due on April 4 to make investors whole under the terms of the bond.
The move by S&P is unlikely to have an immediate impact on Russia or on investors in its bonds. Sanctions unveiled at the end of February in response to the war in Ukraine already cut Russia off from international borrowing markets. Russian government debt denominated in dollars and euros trades at a fraction of face value on the expectation that Russia would be unable or unwilling to pay.
But having a major ratings company declare Russia in default shows the swiftness of Moscow’s unplugging from the financial system. Russia had worked for years to improve its creditworthiness with foreign investors and was rated investment grade before the war.
S&P placed Russia in its default category because it doesn't expect Russia to be able to convert the ruble payments it made into dollars.
Russia’s default is unusual, in that it has plenty of money to pay off its debts. The country amassed over $600 billion in foreign-currency reserves as part of its “Fortress Russia” project to protect its economy after the West sanctioned the country after its 2014 annexation of Crimea. The reserves were frozen under the Western sanctions.
Russia has blamed the West for blocking its ability to make good on its debt payments.
S&P placed Russia in a category known as selective default, which indicates it failed to pay bondholders on a specific type of debt—in this case foreign currency debt—but may continue to meet obligations on other borrowings. S&P kept Russia’s local-currency debt rated in a category just above default.
“Sanctions on Russia are likely to be further increased in the coming weeks, hampering Russia's willingness and technical abilities to honor the terms and conditions of its obligations to foreign debtholders,” the company said.
S&P last month said it would stop rating Russian debt, responding to European Union sanctions. It officially withdraws its ratings from April 15, the company said.
https://www.wsj.com/livecoverage/russia-...hLSqlwsbgs
https://www.cnn.com/2022/04/11/investing...index.html
https://www.nbcnews.com/business/busines...-rcna23873
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Đời vô thường giả tạm hư không
Ngũ uẩn: “Sắc bất dị không”
An nhiên tự tại cho lòng thảnh thơi.
-CT-
願得一心人,
白頭不相離.
Đời vô thường giả tạm hư không
Ngũ uẩn: “Sắc bất dị không”
An nhiên tự tại cho lòng thảnh thơi.
-CT-
願得一心人,
白頭不相離.