Fitch upgrades Suriname

Fitch Ratings said it upgraded Suriname's long-term foreign-currency issuer default rating to C from RD. Also, Fitch upgraded Suriname's 2026 notes to C from D and downgraded Suriname's 2023 notes to D from C and subsequently upgraded the issue rating for the 2023 notes to C from D.

“The upgrades of Suriname's long-term foreign-currency IDR to C from RD and the issue rating for the 2026 notes to C from D, follow the completion on Dec. 4 of Suriname's ‘consent solicitation’ launched Nov. 13 and modified Nov. 25, seeking a standstill of debt service due this quarter on Suriname's 2023 and 2026 notes,” Fitch said in a press release.

Fitch’s downgrade of Suriname's 2023 notes to D from C reflects Fitch's view that the notes' restructuring constitutes a distressed debt exchange. The subsequent upgrade of the 2023 notes to C reflects Suriname’s completing the DDE, the agency said.

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