S&P decreased the rating of the Crimea to default
The international rating agency Standard & Poor's decreased the long-term credit rating of the Crimea to default D, against the previous index of CCC, and the rating of the Crimea at the national scale – from uaB- to D. But then the agency withdrew the rating at the request of the Crimean government.
The missed payment by the Crimean bond coupon at the sum of 12 mln USD became the reason of the rating fall.
According to the announcement, the rating reduction means that to date the Crimea can not pay its debt obligations.
Previously, payments on the debt obligations were made through the fund headed by the Ministry of Finance of Ukraine.
According to the Administration of the Crimea, the region has the funds for on time repayments by coupon, and provided all required documents to the Government of Ukraine in advance. At the same time, the payments were not made when required.
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