Barbados enters selective default

Barbados enters selective default

Economy & Policy Corporate & Sovereign Strategy Debt Barbados

Barbados has been downgraded to selective default (SD) from CC by S&P Global Ratings after the sovereign issuer failed to make coupon payments on its 2019 and 2022 bonds. The rating agency, along with the marketplace in general, does not expect Barbados to make such payments in the near-term. Barbados also made an "automatic" principal rollover on its short-term local currency securities, which S&P considered "paramount" to default. Overdue global coupon include:- $190m in 6.625% 2035

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