On Nov. 20, 2020, S&P Global Ratings placed its long-term foreign currency rating on Guatemala on CreditWatch with negative implications. A U.S. court has issued a restraining notice to Bank of New York Mellon (BNYM), blocking it from disbursing an interest payment due on Guatemala's 2026 Eurobond. The court action stems from a commercial dispute between the Guatemalan government and an electric distribution company, TECO Guatemala Holdings (TECO). The interest payment on the 2026 Eurobond has a 30-day grace period ending Dec. 3, 2020. Consequently, we're placing our 'BB-' long-term issuer credit rating on Guatemala-based banks Banco Industrial S.A. and Banco G&T Continental S.A. on CreditWatch negative. The CreditWatch listing on ratings on banks reflects that on the
