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S&P cuts Ghana eurobonds
S&P said it lowered the issue ratings on the eight commercial U.S. dollar-denominated eurobonds issued by Ghana to D (default) from CC.
The downgrade follows Ghana missing the principal and/or interest payments on a further eight U.S. dollar-denominated Eurobonds, the agency said.
The issues are $750 million of 8¾% callable medium-term notes series 2020-3 due March 11, 2061; $750 million of 7 7/8% medium-term notes series 2019-1 due March 26, 2027; $525 of million zero coupon bonds series 2021-4 due March 7, 2025; $500 million of 8 7/8% amortizing bonds series 2021-3 due May 7, 2042; $1.25 billion of 8 1/8% medium-term notes series 2019-2 due March 26, 2032; $1 billion of 8.95% medium-term notes series 2019-3 due March 26, 2051; $1 billion of 8 5/8% amortizing bonds series 2021-2 due April 7, 2034; and $1 billion of 7¾% amortizing bonds series 2021-1 due April 7, 2029.
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