A day after Ghana announced it would stop making debt payments, the global rating agency S&P cut the country’s sovereign rating from CC to “selective default.”
S&P Ratings did not provide an outlook but stated that it sees the moratorium as a “selective default”.
If the government doesn’t pay the next scheduled coupon on its commercial foreign currency debt, the ratings agency said, “We expect to lower our ratings on Ghana’s foreign currency issues to ‘D’ (default).
Reuters