Fitch Downgrades Kiev Foreign-Currency Rating to Default

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Fitch Ratings - Sputnik International
Fitch Ratings said Wednesday it had downgraded Kiev's long-term issuer default rating (IDR) in foreign currency from 'C' to ‘D’ (Default).

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.

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Earlier in the day, Standard & Poor's ratings agency downgraded Kiev’s long-term foreign currency rating from ‘CC’ to ‘D’ as well.

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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.

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