...+ On Feb. 15, 2019, the Brazilian state of Minas Gerais missed several debt service payments to domestic banks and multilateral lending institutions. Given that the loan contracts don't incorporate stated grace periods, according to our criteria, Minas Gerais had five business days after the due date to make the payments before we downgrade it to selective default (##). + On February 22, the five-business-day period expired and the creditors didn't receive the payments nor did the sovereign honor the guarantees of the loans that had such a guarantee. + Therefore, we're lowering the global and national scale ratings on Minas Gerais to '##' from '###-' and 'brCCC-', respectively, indicating that the state defaulted on some of its debt service obligations. + If and when the state cures the payment default on this debt (or when the sovereign honors the guarantee of the loans), if it remains current on its other debt service payments as they come due, and depending on our assessment of Minas...
