MOSCOW (Sputnik) — The decision was made after the Ukrainian capital missed payment on $250 million Eurobonds and pending the activation of the cross-default clause on $300 million Eurobonds.
Earlier in the day, Standard & Poor's ratings agency downgraded Kiev’s long-term foreign currency rating from ‘CC’ to ‘D’ as well.
19 October 2015, 16:33 GMT
The city found itself on a pre-default ratings status or ‘restricted default’ (RD) on September 18, failing to meet the criteria of the banks’ subordinated debt restructuring.
In early October, Kiev imposed a moratorium on foreign-debt payments.
On November 5, Ukraine’s Finance Ministry agreed on the terms of restructuring of Kiev’s Eurobonds of $550 million, which assumed their exchange for sovereign bonds with a grace period of four years.
