trending Market Intelligence /marketintelligence/en/news-insights/trending/kafs1fmi5yphlkwo6bi3yg2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

S&P lowers El Salvador's rating to Selective Default

L.K. Bennett: Bankruptcy Case Study

State Of Singapore Online Video Subscription

Power Forecast Briefing: Capacity Shortfalls to Test the Renewable Energy Transition

Episode 43 - More Change, M&A On Horizon For Equity Research Industry


S&P lowers El Salvador's rating to Selective Default

S&P Global Ratings on Oct. 2 lowered El Salvador's long- and short-term foreign- and local-currency credit ratings to Selective Default, or SD, from CC and C, respectively.

The rating agency said the recently approved amendments to the terms of the country's Certificates for Pension Investments are "a distressed offer rather than purely opportunistic."

The changes include an extension of the CIPs' term to 30 years from 25 years, a grace period for capital payments and modified interest rates.

S&P said despite the distressed exchange on the CIP bonds triggering the selective default, El Salvador remains current in all other market bonds.

El Salvador's government expects the restructuring to become effective soon. S&P said it will review the country's general credit standing upon completion of the restructuring, adding that it will "most likely" raise the foreign- and local-currency long-term ratings.

Meanwhile, S&P affirmed the CCC issue credit rating on El Salvador's international bonds.

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