Fitch upgrades Congo to CC

Fitch Ratings said it upgraded the Republic of Congo's long-term foreign-currency issuer default rating to CC from RD (restricted default).

The issue rating on long-term senior-unsecured foreign-currency bonds was also upgraded to CC from D (default).

Fitch said the payment of principal and interest, initially due on June 30, on Congo's dollar-denominated notes maturing in 2029 was made to investors last week. The funds had been frozen in the custody of Congo's trustee in the U.S. under two restraining notices issued on behalf of Commissions Import Export SA (Commisimpex), a former contractor of the Republic of Congo. The restraining notices were lifted by a New York District Court on Aug. 22 on the court's assessment that the issuer no longer held an interest in the frozen funds.

The agency downgraded Congo's long-term foreign-currency issuer default rating to C from CCC on July 17 after the payment was missed and entered the grace period. It further downgraded the rating to RD on Aug. 2 following the expiry of the stipulated grace period.

© 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.