Republic of Suriname FC Rating Raised To 'CCC' From 'SD' On Completion Of Bond Restructuring; Outlook Stable

After receiving consent from bondholders on July 9, 2020, the government of Suriname amended the terms of its US$125 million December 2023 bond, which we viewed as an event of default based on our criteria. Reflecting Suriname's post-restructuring creditworthiness, we are raising our long-term foreign and local currency sovereign credit ratings to 'CCC' from 'SD' and 'CCC-', respectively, and our issue-level rating on the restructured December 2023 bond to 'CCC' from 'D'. The stable outlook balances the possibility that Suriname will receive new official funding to support its budget in the next six-to-12 months, with the possibility that the country will not have sufficient liquidity, or the willingness, to honor its foreign or local currency debt obligations. On July 16,

...- After receiving consent from bondholders on July 9, 2020, the government of Suriname amended the terms of its US$125 million December 2023 bond, which we viewed as an event of default based on our criteria. - Reflecting Suriname's post-restructuring creditworthiness, we are raising our long-term foreign and local currency sovereign credit ratings to '###' from '##' and '###-', respectively, and our issue-level rating on the restructured December 2023 bond to '###' from 'D'. - The stable outlook balances the possibility that Suriname will receive new official funding to support its budget in the next six-to-12 months, with the possibility that the country will not have sufficient liquidity, or the willingness, to honor its foreign or local currency debt obligations....

Ratings Action