Fitch upgrades Suriname

Fitch Ratings said it upgraded Suriname’s long-term foreign-currency issuer default rating to CC from RD. Fitch also upgraded the issue rating on Suriname’s 2023 notes to CC from D.

“The upgrades follow the completion of the ‘consent solicitation’ to reschedule the principal payments of Suriname’s 2023 notes and amend the terms of the related accounts agreement, which Fitch deems to constitute the execution and completion of a distressed debt restructuring,” the agency said in a press release.

Fitch noted the CC rating indicates a broader restructuring is probable.

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