Russia’s foreign currency payment rating has been downgraded after Moscow used rubles to make a dollar-denominated debt payment last week, a move that ratings firm S&P Global said casts doubt on Russia’s ability or willingness to honor its obligations to foreign debtholders.
S&P Global on April 9 cut Russia’s rating to “selective default,” saying in a statement that it understood that Russia had made coupon and principal payments on dollar-denominated eurobonds on April 4.
