E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 5/5/2023 in the Prospect News Distressed Debt Daily and Prospect News Emerging Markets Daily.

Fitch cuts Belarus development bank

Fitch Ratings said it downgraded the Development Bank of the Republic of Belarus's long-term foreign-currency issuer default rating to C from CC but affirmed the bank's long-term local-currency IDR at CCC.

The downgrade follows the bank's announcement to bondholders that coupon payments on the bank's dollar-denominated Eurobond due on May 2 and Nov. 2 will be deferred until May 2, 2024, the maturity date on the Eurobond, the agency said.

If the payment on the May 2023 coupon is not made to investors within the 14-day grace period, Fitch said it will consider it a restricted default and downgrade the foreign-currency IDR to RD.


© 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.