Fitch downgrades Congo, bonds

Fitch Ratings said it downgraded the Republic of Congo's long-term foreign-currency issuer default rating to RD (restricted default) from C.

The issue ratings on Congo's senior unsecured foreign-currency bonds were downgraded to D from C.

The agency affirmed the long-term local-currency issuer default rating at CCC, the country ceiling at B+ and the short-term foreign- and local-currency issuer default ratings at C.

Fitch said the payment of principal and interest, initially due on June 30, on Congo's dollar-denominated notes due 2029 was received by bondholders. The 30-day grace period to make the payment expired on July 30.

Fitch downgraded Congo's long-term foreign-currency issuer default rating to C on July 17 after being informed that the payment was missed and the grace period began.

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