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S&P places Cape Verde's long-term ratings on CreditWatch negative

S&P Global Ratings on March 31 placed Cape Verde's B long-term foreign- and local-currency sovereign credit ratings on CreditWatch with negative implications.

The CreditWatch placement follows S&P's decision to consider Cape Verde's request to appeal the agency's ratings outlook decision. The agency had been due to publish an update on Cape Verde's ratings March 31 but postponed the publication pending the outcome of the appeal.

The rating agency intends to resolve the CreditWatch placement within one month.

Meanwhile, S&P affirmed the country's B short-term foreign- and local-currency sovereign credit ratings.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.