
Russia has defaulted on its foreign debt, says S&P
CNN
Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said.
Russia attempted to pay in rubles for two dollar-denominated bonds that matured on April 4, S&P said in a note on Friday. The agency said this amounted to a "selective default" because investors are unlikely to be able to convert the rubles into "dollars equivalent to the originally due amounts."
According to S&P, a selective default is declared when an entity has defaulted on a specific obligation but not its entire debt.

The governments of Mexico and the United States signed a memorandum of understanding on Thursday to fund and expedite several wastewater treatment projects in the Tijuana River basin. Untreated wastewater continually affects residents living along the river, which flows across the border from Tijuana and through several of San Diego’s southern neighborhoods.