| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Ethiopia > News item |
S&P cuts Ethiopia foreign rating
S&P said it downgraded Ethiopia’s foreign-currency rating to SD, selective default, from CCC but affirmed the CCC local-currency rating.
The Ethiopian government missed a $33 million coupon payment that was due Dec. 11, and said it was able to repay the coupon within the 14-day grace period. The $1 billion bond is scheduled to mature next December.
On Thursday, the government held a global investor call. It wants to extend the bond’s maturity and lower the coupon rate without any change in face value.
S&P said it considers Ethiopia not making the payment within the grace period a selective default.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.