S&P and Fitch lowered the country’s foreign currency ratings to ‘selective default’ and ‘restricted default’ Global rating agencies S&P and Fitch have lowered Ukraine’s foreign currency ratings to ‘selective default’ and ‘restricted default’, respectively, as the country’s latest debt restructuring is seen as distressed. Earlier this week, state-owned companies Ukrenergo and Ukravtodor requested a two-year freeze on payments on almost $20 billion in international bonds. The country’s overseas creditors agreed to suspend interest payments and postpone the maturity date of the bonds by two years. This is expected
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