The move comes after the US credit rating agency Fitch similarly downgraded Ukraine’s rating last week. The country has long suffered rampant corruption and economic mismanagement.
International ratings agency Standard and Poor’s (S&P) has lowered Ukraine’s credit ratings to SD/SD (Selective Default) after the country failed to make a bond payment.
S&P said in a statement, “We understand the government has decided to suspend payments on the affected bonds before the restructuring.”
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