Suriname Defaults as Time Runs Out for Third Debt Payment Delay
- Fitch cut the nation’s rating to RD, declaring it in default
- Nation’s debt is among most distressed in developing world
This article is for subscribers only.
Suriname skidded into default after the government ran out of time to convince bondholders to yet again push back bond payments.
Fitch Ratings downgraded the nation to RD from C and declared default on the $675 million of dollar bonds due in 2023 and 2026 after the country failed to make an already delayed debt payment on March 31. That’s Suriname’s third default event of the Covid era per Fitch’s criteria.