S&P lowers Mozambique to CC

S&P said it lowered its long-term foreign currency sovereign credit rating on the Republic of Mozambique to CC from CCC.

At the same time, the agency affirmed the C short-term foreign currency sovereign credit rating and the B-/B long- and short-term local currency sovereign credit ratings.

The outlook on both the foreign currency and local currency long-term sovereign credit ratings is negative.

The government of Mozambique has announced its intention to restructure U.S. dollar-denominated fixed-rate notes maturing in 2023, S&P said. It expects the restructuring of the notes to be tantamount to default, according to its criteria.

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