Ukrainian experts interviewed Last news , not surprised by the decision of Moody's to reduce the chart of Ukraine: the Agency has a Very reasonably fears of default in case of failure of negotiations on debt restructuring. along with that experts hope of default will be protected, noting that Kyiv has already had the experience of successful negotiations with international lenders. international Rating Agency Moody "s first Wednesday downgraded the national credit chart of Ukraine "Caa3" To " Ca ", maintaining a negative Outlook on it. The Agency explained its decision the various concerns related to plans Kiev to restructure its external debt. Maintaining a negative Outlook on the rating reflects Moody's that the country's external debt in the end will remain high. the head of the Ukrainian analytical center Oleksandr Okhrimenko reminded that at the present time the government of Ukraine at the request of the IMF conducts dialogues on the restructuring of external debt maturing in 2018. The dialogue, which began in mid-March, go hard. "Until the end of June 2015 Ukraine needs this procedure to finish. It is clear that the dialogues are difficult that not All lenders are eager to present immediately to restructure, " said He. "Rating Agency, know all these data, reduced chart with concern that the dialogues have the opportunity to fail not, as desired, and it may happen that some part of creditors will refuse to restructure ", - explained the expert. He said, because It is not one hundred percent risk, But the possibility is there. Dialogs are closed, and their results difficult to predict. There were allegations that lenders offer to write off some debts, But it is unclear How much They are willing Okhrimenko said." very has the ability to be that the write-off will not work, " He said. "Rating Agency can be understood. They're afraid that some part of creditors will refuse. Then It will be De jure default. De facto default is already there. The restructuring means that Ukraine is in fact declared a technical default. All perfectly understand that even replacing some of Eurobonds other Is a technical default according to all international rules. So there's no need to be surprised. Rating agencies warn of the risk of a failed restructuring, " said the expert. He said that in April Ukraine needs to pay the $ 750 million of Eurobonds state Ukreximbank." If They don't restructure, It would just be a default, " said Okhrimenko. at the same time the experts stress that in Kiev there is hope to come to a common understanding with creditors and defend default. for example, Okhrimenko reminded that Ukraine Is not the 1st experience of debt restructuring, citing the example of successful dialogues 1999. "Then seemed to come to a consensus with the holders of the securities to issue So-called conversion bonds (bonds with a compromise rate of interest, which In certain conditions can be exchanged for securities with higher yields - ed.) It was the consensus of the interest on the amounts on safeguards. It was perfect, " said He. Okhrimenko recalled that the government of Ukraine started to redeem these bonds 3 years after release, when the situation in the economy has stabilized, and They are without question Were repaid. "for this reason, If something falls alternative to conversion, compensation bonds in the framework of a compromise, That would be great. But it is necessary for all (creditors - ed.) because Then all agreed. It was difficult, But I found the General consensus. This is perfect, I hope that happens this time too, " said the expert. Executive Director of the international Bleyzer Oleg Ustenko agrees that the default of Ukraine can be protected, although the chances are high. "A lot depends on How actively the government, the Parliament will implement economic and structural reforms, How will be able to keep control of the shortage of public finances and stay within the declared parameter 8%, which was agreed upon with the IMF. A lot depends on whether satisfied with the IMF and whether to continue the program, " Ustenko said. The economist said that in this situation Ukraine would be unable to do without the help of the IMF." It's just a necessary condition to enter the situation in a more operating process, " He said. Thus Ustenko also cannot predict the outcome of negotiations with creditors." Debt restructuring Is always a question of negotiation. How It will be successful, in the beginning of this process, no one can say, " said the expert.