Crimea Rating Cut to S&P’s Lowest Grade After Default
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Crimea’s credit rating was cut to the lowest grade and then withdrawn by Standard & Poor’s after the regional government, which was annexed by Russia last month, defaulted on local bonds.
The overseas and local debt rating was cut to D after Crimea missed a 4.8 million Ukrainian hryvnia ($420,000) payment March 21, S&P said in a statement today. Crimean officials told S&P they had sufficient cash on hand and had asked the Ukrainian treasury to make the payment, according to the statement. They also asked S&P to withdraw its ratings.