S&P declares Ukraine in 'selective default'

Credit rating agency Standard & Poor's on Friday declared Ukraine's sovereign debt to be in "selective default" because of the war-torn nation's debt restructuring negotiations. Cash-strapped Ukraine has been struggling with its debt since entering a deep economic depression after war broke out with pro-Russian insurgents in its eastern industrial heartland early last year. The default means Standard & Poor's believes Ukraine will not repay its debt to all commercial bondholders in full.