by Amruth Sundarkumar | Aug 26, 2022 | Sovereign Bonds, Sovereigns
Belarus’ finance ministry said that it paid the equivalent of $38.6mn in coupons on its offshore bonds in Belarusian rubles due to the limiting effect of Western sanctions on its ability to make payments in the original currency. The above interest amount paid...
by Amruth Sundarkumar | Jul 19, 2022 | Credit Ratings, Distressed / Defaulted Bonds, Sovereign Bonds, Sovereigns
Belarus was downgraded to RD (restricted default) from C by Fitch due to a default following the end of a 14-day grace period on its 2027s’ dollar bond coupon payment on 13 July 2022. In June, the Ministry of Finance announced that USD and EUR bond payments will...
by Amruth Sundarkumar | Jul 8, 2022 | Credit Ratings
Belarus was downgraded to C from CCC by Fitch on the back of the announcement by the Ministry of Finance (MoF) that dollar and eurobond payments due will be transferred in Belarussian rubles (BYN). The MoF made this announcement on June 29 and made the payment in...
by Amruth Sundarkumar | Mar 11, 2022 | Credit Ratings, Sovereign Bonds, Sovereigns
Belarus was cut to CCC from B by S&P due to its weakening credit profile amid Russia’s military invasion in Ukraine. Belarus is exposed to significant tightening of sanctions affecting its external buffers and debt servicing capacity. Moody’s expects a...
by Amruth Sundarkumar | Mar 7, 2022 | Credit Ratings, Sovereign Bonds, Sovereigns
Belarus was cut to CCC from B by S&P due to mounting economic, balance-of-payments, and financial stability risks after strong international sanctions were imposed on Belarus by US, EU, UK and others. The sanctions were placed due to Belarus’ involvement in...
