S&P cuts Ghana eurobonds

S&P said it downgraded Ghana’s three U.K. law eurobonds due July 7, 2023; due Nov. 2, 2027; and due Nov. 2, 2025. The agency also raised the country’s local-currency sovereign rating to CCC+ from selective default or SD.

Ghana settled its local-currency domestic debt exchange program with bondholders and S&P said it considers the exchange cured.

“Discussions with holders of foreign-currency instruments are continuing. Over the next few months, we expect authorities to engage with holders of eurobonds to formally restructure the foreign-currency-denominated commercial debt,” S&P said in a press release. The long-term foreign-currency rating remains at SD because the government ceased payments.

The outlook on the local-currency rating is stable.

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