Mozambique foreign currency rating lowered to 'CCC'; outlook negative; local currency rating remains at 'SD' - CLUB OF MOZAMBIQUE
Mozambique foreign currency rating lowered to 'CCC'; outlook negative; local currency rating remains at 'SD' - CLUB OF MOZAMBIQUE
Source: CLUB OF MOZAMBIQUE
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DW NOTE
Mozambique was already in selective default on local currency debt. Now S&P has cut the foreign currency rating to CCC — three notches above default — with a negative outlook. The country has restructured five times since 2016. Each time creditors were told the reforms would stick. Each time they didn't.