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S&P cuts Venezuela global bond
S&P said it lowered Venezuela's global bond due 2018 to D from CC and affirmed the long- and short-term foreign currency sovereign issuer credit ratings at SD/D.
The long- and short-term local currency sovereign credit ratings remain at CCC-/C and are still on CreditWatch with negative implications.
Other foreign currency senior unsecured debt issues not currently rated D are rated CC.
Venezuela failed to make $35 million in coupon payments for its global bonds due 2018 within the 30-calendar-day grace period, the agency explained.
Fitch rates Sri Lanka Telecom notes AAA(lka)
Fitch Ratings said it assigned an expected national long-term rating of AAA(lka) to Sri Lanka Telecom plc's proposed senior unsecured debenture issue of up to 7 billion in Sri Lankan rupee.
The debentures will have a tenor of 10 years and carry fixed coupons, Fitch said.
The debentures will be listed on the Colombo Stock Exchange with the proceeds to be used to refinance its short-term debt and fund the company's capital expenditure plans, the agency said.
The company's senior unsecured debt is rated at the same level as its national long-term rating as the debentures rank equally with other senior unsecured obligations, Fitch said.
The agency said it believes Sri Lanka Telecom's 2018 operating EBITDAR margin could decline to 24% and its funds flow from operations adjusted net leverage could deteriorate to 2.5x if it were to pay an additional 3 billion in Sri Lankan rupee tax for its mobile towers.
The ratings are underpinned by the company's market-leading position in fixed-line services and second-largest position in mobile, along with its ownership of an extensive optical fiber network, Fitch said.
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