Grenada Back in Default

Grenada Back in Default

Caribbean Bonds Corporate & Sovereign Strategy

S&P has returned Grenada’s credit rating to SD from CCC+, it says, sending it back to the level where it was before an October upgrade to CCC+. The move comes after Grenada announced that it won’t pay a coupon due March 25 on its USD and ECD-denominated 2025 bonds. The government also says it does not expect to have the funds to pay the coupon during the relevant grace periods. S&P previously lowered Grenada in October after a coupon miss, only to raise it a week later after payment. “Once the g

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