June 7, 2018 |
S&P Global Ratings has lowered Barbados to selective default (SD) after the Caribbean island failed to make an interest payment due on its 6.625% 2035 bond.
Newly-elected Prime Minister Mia Mottley and her administration said earlier this week it will suspend payments due on debt owed to external commercial creditors, but it will aim to make scheduled domestic interest payments. This arrangement will work alongside Barbados' attempts to restructure debt with domestic creditors.
Caribbean island enters selective default after missing coupon payment on its 6.625% 2035s