Fitch puts Guatemala on watch

Fitch Ratings said it placed Guatemala's long-term foreign-currency issuer default ratings on rating watch negative, downgraded the issue rating on the Eurobond due 2026 to C from BB- and affirmed all other ratings.

“The RWN on Guatemala's long-term foreign currency IDR reflects the missed coupon payment on its Eurobond due 2026 (ISIN 144A: US401494AN97; Reg S: USP5015VAF33) as a result of an outstanding commercial dispute with the U.S.-based electric distribution company TECO Guatemala Holdings (TECO). The coupon payment has a 30-day grace period ending Dec. 3, 2020,” Fitch said in a press release.

If Guatemala does not make the payment before the grace period expires, Fitch said it would consider it an event of 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.