MELBOURNE (Reuters) – S&P on Saturday lowered Russia’s foreign currency ratings to “selective default” on increased risks that Moscow will not be able and willing to honor its commitments to foreign debtholders. Facing waves of sanctions over its invasion of Ukraine, Russia could face its first sovereign external default in over a century after it made arrangements to make an international bond repayment in rubles this week, even though the payment was due in dollars. S&P said in a statement it understood that Russia had made coupon and principal payments on dollar-denominated Eurobonds in rub…