Belarus was declared in default by Fitch Ratings, which joined Moody’s Investors Service in saying that Russia’s most-loyal ally had officially broken the terms of its debt obligations to foreign investors.
The eastern European nation on Monday had its rating cut to the default score of RD by Fitch, down from C. The credit assessor cited the country’s failure to pay in dollars a coupon payment on $600 million in greenback-denominated bonds that mature in 2027. Moody’s on July 14 said the incident constituted a default, but left its rating steady at CCC.
