S&P cuts Suriname

S&P said it downgraded Suriname’s foreign-currency sovereign rating to SD from CCC+ and the issue-level rating on the December 2023 bond to D from CCC+.

The agency also lowered the long-term local-currency sovereign credit rating, as well its unsecured issue-level rating, on the country's $550 million of bonds due in October 2026 to CCC- from CCC+.

On Thursday, Suriname amended the terms of its $125 million December 2023 bond to restructure the amortization schedule and make other amendments. S&P said it views these changes as a distressed debt restructuring.

“We expect to raise the foreign currency sovereign credit rating and the issue-level rating on the December 2023 bond, likely in the CCC category in the very near future. We understand the government is not in default on payments for its $550 million of bonds due October 2026,” S&P said in a press release.

The outlook on the local-currency credit ratings is negative.

© 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.