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S&P lowers Mozambique ratings, revises outlook

Standard& Poor's Ratings Services on April 1 lowered its long- and short-termforeign-currency sovereign credit ratings on Mozambique to SD/D from CC/C.

Therating agency also revised its outlook on the long-term local-currencysovereign credit rating on Mozambique to stable from negative and affirmed theB-/B long- and short-term local-currency sovereign credit ratings.

S&Psaid the lowering of the foreign-currency sovereign ratings follows theacceptance of the Mozambique government's debt exchange offer, which pertainsto an exchange of loan participation notes issued by a special purpose entityagainst new U.S. dollar-denominated fixed-rate notes issued by Mozambiquematuring in 2023.

Theaffirmation of the local-currency ratings and the outlook revision to stablereflect the rating agency's view that the possible restructuring of thegovernment's debt denominated in Mozambican metical is unlikely.The stableoutlook on the long-term local-currency sovereign rating signals the agency's viewthat the country faces balanced risks, specifically on its local-currency debt.

S&P Ratingsand Global Market Intelligence are owned by McGraw Hill Financial Inc.