S&P Global Ratings cut Russia’s unsolicited foreign currency issuer credit ratings to selective default as it became the last major agency to pull sovereign ratings on the country. “The foreign currency downgrade follows our understanding that the Russian government made coupon and principal payments on its U.S. dollar-denominated 2022 and 2042 Eurobonds in rubles when those payments were due on April 4, 2022,” S&P said in a statement. It’s the latest sign that Russia’s first external default in a century now looks all but inevitable in the fallout from its invasion of Ukraine. The country breached the terms on two bonds by paying investors rubles instead of dollars, after the U.S. Treasury halted dollar debt payments from Russia’s accounts in U.S. banks. “Although the default […]