Dal forum tedesco
With coupon funds frozen, Congo heads for Eurobond default: "ABIDJAN/LONDON, July 28 (Reuters) - Republic of Congo appeared headed for a sovereign debt default on Monday after the latest coupon payment on its $363 million Eurobond was frozen amid a decades-old legal dispute over a $1 billion debt to a local construction company. The 30-day grace period for the $21 million payment on the bond maturing in 2029 expires on Sunday. ... While investors will likely await the outcome of a pending court case before taking action ... Investors could also be encouraged by Congo's recent talks with the International Monetary Fund (IMF), which recently agreed programmes with CEMAC-zone neighbours Gabon and Cameroon. ... However, the issue trades around 10 cents below the eurobonds of fellow sub-Saharan nation Mozambique , which is already in default. ..."
Moody's downgrades the Republic of the Congo's rating to Caa2, outlook remains negative: "New York, July 28, 2017 -- Moody's Investors Service has today downgraded the long-term local and foreign currency issuer ratings of the government of the Republic of the Congo (ROC) to Caa2 from B3 and maintained the negative outlook.Concurrently, Moody's has lowered the ROC government's local currency and foreign currency long-term bond and deposit ceilings to B2 from Ba3.
RATINGS RATIONALE
The key drivers behind the two notch rating downgrade to Caa2 from B3 and the change in ceilings are:
1) Moody's expectation that the ROC government will imminently default on its Eurobonds and could remain in default for a protracted period of time
2) Increasingly acute liquidity pressures that could ultimately lead to sizeable losses for private sector creditors in the coming years
The negative outlook reflects the risks that private sector creditors could incur greater losses than are currently anticipated by Moody's Caa2 rating."

Zitieren