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S&P puts Guatemala on watch
S&P said it placed Guatemala’s BB- long-term foreign-currency and BB long-term local-currency sovereign credit ratings on CreditWatch with negative implications.
A U.S. court issued a restraining notice to Bank of New York Mellon, preventing it from disbursing a coupon payment due on Guatemala's 2026 eurobond. The court action derives from a commercial dispute between the Guatemalan government and an electric distribution company called TECO Guatemala Holdings (TECO).
The 30-day grace period ends Dec. 3.
“Our CreditWatch negative placement reflects the risk of the Guatemalan government failing to make debt service payments as a result of legal action taken against it stemming from a commercial dispute with an electric distribution company called TECO Guatemala Holdings (TECO),” S&P said in a press release.
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