The Brazilian state of Minas Gerais continues to transfer its debt service payment obligations to the central government through an existing guarantee payment mechanism. As of today's report, Minas Gerais hasn't confirmed if it cured defaults on two foreign currency denominated loans due March or debt service payments on another eight loans due April 15th. Given the absence of a stated debt service grace period on Minas Gerais' loan contracts, and that we expect the sovereign guarantee mechanism to make payments beyond five business days, we affirm our ratings Minas Gerais at 'SD' (selective default) on its foreign and local currency debt obligations during the coming months. On April 16, 2019, S&P Global Ratings affirmed its global scale and national
