Following its sovereign debt default in 2015 , Ukraine issued investors who agreed to hold defaulted debt and restructure it an additional set of bonds, called GDP warrants. The article linked below explains (page 2) how these rather unusual instrument work. In 2022, due to Russia's aggression against Ukraine, Ukrainian economy is expected to shrink, not expand, in both real and possibly nominal terms. The GDP warrants, therefore, present a range of big problems for Ukraine: 1. As real economic growth shrinks, payouts on these bonds should stop. But the breach of terms clause in the bonds implies their holders can demand that Ukraine fully redeem these bonds at par value, Something Ukraine cannot afford. 2. As Russia currenthy occupies roughly 2025 percent of Ukrinian territory, responsible for more than 40 percent of Ukrainian output, targeting Ukraine's overall GDP levels to \$125.4 billion assumes that Ukraine has control of all its 2015.2016 territory and economy. 3. Ukraine is facing tremendous warrelated experses that should (ome would think take priority over repayment of debt. In this environment, SEP and other rating agencies downgades of Ukrainian debt are quite strange there is no realistic way that Ulonine can avoid restructuring this debt (assuming creditors agree) or detault on this debt outright (assuming creditors do not agree to a restructuring). One way or the other, the debt is not going to be repaid any time soon, if ever. Yet, ratings agencies and investors continue to behave as if there is a normal, functioning market for these assets and these assets remain real and only encumbeted by the decisions of the Ulrainian Government (debtor). Why do you think issuing any ratings at all makes sense for S\&P, for investors and for Ukraine? Who is the intended audience for these ratings issuance? Investors? Markets intermediaries? Government of Ukraine? Other Governments