(Bloomberg) — Russia’s recent payments on dollar bonds in rubles rather than greenbacks would be “considered a default” if the situation isn’t remedied within 30 days of the money being due, according to credit assessor Moody’s Investors Service.
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While Moody’s said its comments did not constitute a credit rating shift, it warned in a Thursday statement that the move by Russia’s government to meet two obligations on April 4 in local currency marks a change in payment terms from the bonds’ original contracts.
It “may be considered a default under Moody’s definition” if the payments on two external bonds maturing in 2022 and 2042 aren’t remedied by the end of a grace period on May 4, the rating company said.
Russia had been staving off its first foreign default in more than a century despite sweeping sanctions meant to isolate the country after its invasion of Ukraine. But that has become an even greater challenge since the U.S. Treasury…
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2022-04-14 19:36:38
