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Al Mayadeen's correspondent in Lebanon: Israeli occupation forces carried out an explosion in the southern border town of Kfar Kila
Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.

Fitch downgrades Ukraine’s rating to C

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Jul 2022 09:50
2 Min Read

The Ukrainian government formally launched a consent solicitation to postpone external debt repayments for 24 months on July 20.

  • x
  • Fitch downgrades Ukraine’s rating to C.
    Fitch downgrades Ukraine’s rating to C.

Fitch Ratings has downgraded Ukraine's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to 'C' from 'CCC'.

The Ukrainian government formally launched a consent solicitation to postpone external debt repayments for 24 months on July 20. Fitch described the transaction as the start of a distressed debt exchange (DDE) process, which is consistent with ratings of 'C' for both the LTFC IDR and the affected securities.

Moreover, Fitch analysts believe that a broader restructuring of the government's commercial debt will be necessary, though the timing is uncertain. As a result of the war with Russia, Ukraine's macro-financial position, public finances, and external finances have been severely stressed.

Read next: Ukraine expects GDP to fall by 40% in 2022

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The Ukrainian Cabinet of Ministers decided on July 20 to seek a two-day delay in external debt payments. In order for the agreement to take effect, the Kiev government must reach new terms with the debt holders. Ukraine's international creditors, which include the United Kingdom, Canada, France, Germany, Japan, and the United States, supported Kiev's request to postpone debt repayments until the end of 2023. The group also urged Ukraine's private-sector bondholders to follow suit.

Ukraine faces a $1.4 billion redemption and interest payments on September 1, according to Bloomberg's estimates.

Ukraine crisis to affect Eurozone 

The Ukraine crisis and the West's sanctions on Russia will pose fiscal and growth challenges to the sovereign credit status of eurozone states that would not be unlike the COVID-19 pandemic, Fitch Ratings said in March. 

The credit rating agency said that the impact and design of the policy responses to the crisis will be important in assessing the sovereign credit impact. "Like the pandemic, the war is an external shock that will be felt across the bloc and its impact will vary, for example with dependency on Russian gas, or trade linkages." 

One particular sting for eurozone states will come from the increased imports of liquefied natural gas, in addition to other infrastructure, to replace Russian energy supplies, which these states are planning to phase out over the coming five years.

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  • Fitch
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