Mozambique Reluctant to Take Over MAM’s Debt, Official Says

  • State-owned company had May 23 deadline to pay $178 million
  • Fitch cut nation’s credit rating by one level to CC from CCC

Mozambique is unwilling to convert a loan extended to a state-owned company into sovereign debt to avoid a default, according to an official familiar with the situation, who asked not to be identified because he’s not authorized to speak on the matter.

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