Ukraine and the ‘D’ word | beyondbrics:
"Yup, default.
Credit rating agency Standard & Poor’s raised the spectre of Ukraine not paying back its debt in a downgrade early on Friday. With protesters being killed and the country descending further into chaos, the question is now not whether Ukraine will default, but if it can possibly avoid it.
The S&P statement pulled no punches. The agency lowered the credit rating from CCC+ to CCC, a symbolic rather than practical measure, given that Ukraine was firmly in junk territory and the yields on its benchmark bonds are already sky-high. Instead, it was the words, rather than rating, that caught the eye."
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