Fitch downgrades four Belarus’ Eurobonds to “default”
September 15, BPN. Fitch Ratings downgraded four Belarus’ Eurobonds to default (D) after the expiration of the 14-day grace period on the 2023 and 2030 Eurobonds on September 12, and for the 2026 and 2031 Eurobonds, on September 7.
Fitch linked the downgrade to Belarus’ decision to make payments in Belarusian rubels on US-dollar denominated Eurobonds, violating the original terms which do not allow for settlement in alternative currencies. It also affirmed Belarus’ long-term-foreign-currency issuer default rating (IDR) at restricted default (RD).
Fitch added that the downgrade applied only to the four affected Eurobonds. Belarus’ long-term foreign-currency IDR remained at RD following the expiry of the grace period on the first Eurobond that was not fulfilled under the original terms.
Fitch analysts stressed that Belarus’ long-term local-currency rating remained at the pre-default CCC level, as it continued to service its local-currency debt.
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