Fitch lowers Suriname

Fitch Ratings said it downgraded Suriname's long-term foreign currency issuer default rating to RD from C. Suriname's short-term foreign currency IDR is affirmed at C.

The two issue ratings on Suriname's $550 million notes due 2026 and $125 million notes due 2023 on which the government has defaulted were downgraded to D from C and then withdrawn for the following reason: Bankruptcy of the rated entity, debt restructuring or issue/tranche default.

“The downgrade of Suriname's IDR to RD reflects the non-payment of $49.8 million of rescheduled external debt service on Suriname's 2023 and 2026 notes due March 31. This marks an event of default under Fitch's criteria with respect to the sovereign's IDR as well as the issue ratings of the affected securities (Global 2023 and 2026 notes),” Fitch said in a news release.

Another $25.4 million semiannual interest payment is due April 26 on the Suriname 2026 notes. Altogether $75.3 million total debt service is due on Suriname's global bonds within the next 30 days.

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