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KBRA Releases Research – Russia’s Invasion of Ukraine: Initial Contours of Credit Risk

KBRA releases research outlining the immediate impacts on credit risk from Russia's recognition of the Donetsk and Luhansk People’s Republics (DLPR) and its subsequent invasion and military actions in Ukraine. On the global macro and geostrategic levels, the conflict exacerbates supply chain bottlenecks and dampens global growth; it heightens near-term inflationary pressures and exerts greater pressure on overly hawkish monetary policy in the face of transitory elements of inflation, which risks the still fragile economic recovery from the pandemic.

The response of the international community has so far been more benign than the threats suggested and is still being rolled out and coordinated. However, the situation remains fluid. In relation to the invasion, the impact on credit will depend on how long the conflict continues and how much it escalates. Add to this, the prospect of expanding the land grab to geographic areas outside of Ukraine, as well as retaliation and risk it develops into a more sustained crisis. More punitive sanctions, especially those that interfere with commercial transactions, payments, and the flow of capital would threaten to have a direct and meaningful negative impact on exposed credit ratings, which immediately may include impact to airline and secured aircraft transactions and some corners of the energy market. Another channel of risk comes from heightened cybersecurity events. Should they broaden beyond the shores of Ukraine, this would further complicate performance and increase uncertainties.

Click here to view the report.

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About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Contacts

Karim Nassif, Director, Project Finance & Infrastructure

+353 1 588 1245

karim.nassif@kbra.com

Joan Feldbaum-Vidra, Senior Managing Director, Global Head of Sovereigns

+1 (646) 731-2362

joan.feldbaumvidra@kbra.com

Gordon Kerr, Managing Director, Head of European Research

+44 208 148 1020

gordon.kerr@kbra.com

Marjan Riggi, Senior Managing Director, Global Head of Transportation and Commercial Finance

+1 (646) 731-2354

marjan.riggi@kbra.com

Ken Egan, Director, Sovereigns

+353 1 588 1275

ken.egan@kbra.com

Shane Olaleye, CFA, Senior Director, Corporates

+1 (646) 731-2432

shane.olaleye@kbra.com

Business Development Contact

Mauricio Noé, Co-Head of Europe

+44 208 148 1010

mauricio.noe@kbra.com

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