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 Fitch downgraded Ukraine's foreign currency IDRs to "restricted default"

Fitch Ratings has announced it downgraded Ukraine’s long-term foreign currency Issuer Default Rating (IDR) to RD (Restricted Default) from C, while long-term local currency IDR is affirmed at CCC.

As reported by Censor.NET citing ZN.UA, it is stated in agency's official report.

RD ratings indicate an issuer that in Fitch Ratings' opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and which has not otherwise ceased operating.

Fitch also notes that the 10-day grace period on Ukraine's $500 million Eurobond maturing on Sept. 23, 2015, has elapsed without payment being made.

Grace period is the period after the date of payment default during which it may be cured.

Sept. 25, S&P credit-rating agency downgraded Ukraine's rating to "selective default." The above downgrades were caused by Ukrainian authorities' decision to begin restructuring a part of the public debt, where investors will receive less than they originally intended.

Read more: Minister Jaresko: IMF to continue support Ukraine despite its failure to repay Russia's loan
 
 
 
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