Credit ratings are weird, Crimea edition | FT Alphaville

Credit ratings are weird, Crimea edition | FT Alphaville:



"Ho ho Standard & Poor’s, very clever, but we saw right through your April Fool’s joke.



First, the parody of lifeless regulatory jargon here is just a little too carried away:

As defined in EU CRA Regulation 1060/2009 [EU CRA Regulation]), the ratings on Crimea are subject to certain publication restrictions set out in Art 8a of the EU CRA Regulation, including publication in accordance with a pre-established calendar (see “Calendar of 2014 Publication Dates for EMEA Sovereign, Regional, And Local Government Ratings,” Dec. 30, 2013, on RatingsDirect). Under the EU CRA Regulation, deviations from the announced calendar are allowed only in limited circumstances and must be accompanied by a detailed explanation of the reasons for the deviation. In this case, the deviation has been caused by Crimea’s failure to make a coupon payment on its outstanding UAH133 million bond."

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