PEOPLE PRODUCT INSIGHTS SEARCH  LOGIN

RATING ACTION COMMENTARY

Fitch Downgrades Suriname's

Long-Term Foreign Currency
IDR to 'C'
Thu 02 Jul, 2020 - 3:07 PM ET

     

Fitch Ratings - New York - 02 Jul 2020: Fitch Ratings has downgraded Suriname's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC'.

KEY RATING DRIVERS

The downgrade of Suriname's Long-Term Foreign Currency IDR to 'C' re ects Fitch's view that the
Government of Suriname has begun a distressed debt exchange (DDE) in relation to its 2023
bonds.

The Government of Suriname has entered into a 10 calendar day grace period on USD15.6 million
principal and a 30-calendar day grace period on USD8.0 million interest coupon due June 30 on its
USD125 million 2023 bonds. In addition, on 1 July, the national authorities issued a "consent
solicitation" (dated 30 June) seeking to defer the 30 June principal payment on the bonds as well
We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
as changes to other terms of the notes. The stated response period for the "consent solicitation"
the cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
closes July 8.
cookies click Accept.

ACCEPT
The "consent solicitation" announcement stated that "[a] group of institutional investors holding
approximately 83% of the outstanding principal amount of the 2023 Notes has expressed to the
Republic [of Suriname] their intention to support the Proposed Amendments and the Waiver…on
the terms and conditions detailed in the consent solicitation statement dated June 30, 2020…."

Fitch deems the consent solicitation to be the initiation of a default process, consistent with a 'C'
rating. If the majorities of creditors agree to the request at the thresholds speci ed in collective
action clauses (CACs), the principal deferral and easing of the 2023 bond's interest-rate
conditions would constitute a DDE under Fitch's criteria given that it entails a material reduction
in terms and is needed to avoid a traditional payment default. If creditors do not agree to the
request, a default would occur at the end of the grace period unless the payment is made.

Fitch is downgrading the ratings on Suriname's 2023 notes to 'C'.

The government's next foreign currency commercial debt service payments are USD25.4 million
interest on its 2026 USD bond due end of October, and USD22.7 million principal and interest on
the 2023 bond (excluding consent amendments) due end of December.

Fitch views the risk of a broader restructuring of foreign currency debt as high, re ecting the
government's high government debt burden, acute shortage of foreign currency and distressed
nancing conditions. Therefore, Fitch is downgrading the issue ratings on Suriname's 2026 notes
to 'CC'.

The downgrade of Suriname's Long-Term Local-Currency IDR to 'CCC' re ects the following
factors.

Suriname has a large structural budget de cit, which Fitch estimates have averaged 10.4% of GDP
over the past three years (2017-2019) and Fitch expects government debt/GDP to rise above
100% of GDP in 2020 from 80% of GDP in 2019.

Government of Suriname faces distressed nancing conditions of the domestic, Suriname dollar-
denominated debt and tight cash ow. The Central Bank of Suriname has provided material
nancing to the government during 2019-2020 and is the government's main creditor in Suriname
dollars. Fitch views the government's use of nancing from local nancial institutions to pay public
servant salaries at the end of June, according to local press, as another indicator of increasing
domestic nancing stress.

Suriname's external liquidity position is exceptionally tight. Suriname's international reserves have
We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
come
the under
cookies we pressure during 2019-2020
use and instructions as a result
on how to disable ofset
them are widened current
out in our Privacyaccount
Policy. To de cits
agree to driven by
our use of
large government
cookies click Accept. de cits, increased imports, and more recently low oil export prices. On the
capital account, FX cash out ows have also been recorded. In April, the Central Bank of Suriname
ACCEPT
sold a portion of its Special Drawing Rights to enable the government to pay USD25.4 million
interest due on its USD550 million 2026 bonds. Net external debt is high at 57.9% of GDP at end-
2019, nearly double the current 'B' median.

Fitch expects the central bank to implement an exchange-rate adjustment in the near term, similar
to recent post-election periods. The parallel exchange market continues to show a material
premium over the of cial stabilized SRD-USD exchange rate. By Fitch's calculation, Suriname's
unencumbered international reserves fell 40% to USD187 million at the end of May since
December 2019, extending a 45% cumulative decline during calendar year 2019. Fitch's calculation
excludes USD411 million cash reserves of commercial banks and using Fitch's gold price
assumption.

Suriname's new government in transition, a coalition of four parties that include the Progressive
Reform Party (VHP) with the largest share of seats, General Liberation and Development Party
(ABOP), National Party of Suriname (NPS), and Pertjajah Luhur Party (PL), inherits formidable
economic and scal challenges. President Bouterse conceded the loss of his National Democratic
Party's (NDP) majority following the May 25 parliamentary election, paving the way for the new
parliament to sit June 29. The VHP chairman, Chan Santokhi, expects the body to select the new
president mid-July and the new cabinet will be appointed.

The leading VHP party has delineated broad macroeconomic objectives including strengthened
public nances and debt sustainability. However, meaningful scal adjustment reforms faced
counter-pressure during the preceding administration, which point to risks to the potential scal
adjustment, in Fitch's view. Peaceful public protests against electricity tariff increases immediately
following a large exchange-rate adjustment resulting in double-digit in ation contributed to the
derailment of Suriname's rst IMF program in 2016. The planned introduction of a value-added
tax to broaden the tax base was postponed inde nitely in 2018.

The downgrade of Suriname's Country Ceiling to 'CCC' re ects the deterioration of Suriname's
external liquidity and inconsistent macroeconomic policies, which Fitch views undermines the
conditions for timely private external debt service payment.

ESG Considerations:

ESG - Governance: Suriname has an ESG Relevance Score (RS) of 5 for both Political Stability and
Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores re ect the high weight that the World Bank Governance
Indicators (WBGI) have in our proprietary Sovereign Rating Model. Suriname has a medium WBGI
ranking at the 43rd percentile, re ecting a recent track record of peaceful political transitions, a
We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
moderate
the level
cookies we useof
andrights for participation
instructions in the
on how to disable political
them are set process, moderate
out in our Privacy institutional
Policy. capacity,
To agree to our use of
established
cookies rule of law and a moderate level of corruption. In November 2019, a Suriname court
click Accept.
convicted President Bouterse for the execution of 15 civic dissidents in 1982 during the former
ACCEPT
military government he led.
ESG - Creditor Rights: Suriname has an ESG Relevance Score (RS) of 5 for Creditor Rights as
willingness to service and repay debt is highly relevant to the rating and is a key rating driver with a
high weight. The current rating action taken on Suriname re ects Fitch's view that a default event
is imminent.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with its rating criteria, Fitch's sovereign rating committee has not utilized the SRM
and QO to explain the ratings, which are instead guided by the ratings de nitions.

Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables
based on three-year centred averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow
for adjustment to the SRM output to assign the nal rating, re ecting factors within our criteria
that are not fully quanti able and/or not fully re ected in the SRM.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to negative rating action/downgrade:

--Acceptance by creditors of a change in terms as for example outlined in the authorities' consent
solicitation for the 2023 eurobond, which would constitute a distressed debt exchange.

--In the absence of agreement by creditors, failure to make a payment within the applicable grace
periods.

--The rating for the Long-Term Local Currency IDR would be downgraded to 'CC' if a default
becomes probable and to 'C' if the government announces plans to restructure its Suriname
dollar-denominated debt.

The main factors that could, individually or collectively, lead to positive rating action/upgrade are:

--Payment of the principal and interest due on the 2023 notes within the applicable grace periods.

We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
the cookies we use and
BEST/WORST CASEinstructions
RATING onSCENARIO
how to disable them are set out in our Privacy Policy. To agree to our use of
cookies click Accept.
International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a
best-case rating upgrade scenario (de ned as ACCEPT
the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating horizon; and a worst-case rating
downgrade scenario (de ned as the 99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of best- and worst-case scenario
credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit
ratings are based on historical performance. For more information about the methodology used to
determine sector-speci c best- and worst-case scenario credit ratings, visit
[https://www. tchratings.com/site/re/10111579].

KEY ASSUMPTIONS

--Fitch expects global indicators to move broadly in line with Fitch's Global Economic Outlook
forecasts.

--Fitch's baseline forecasts excludes the impact of Apache Corp. and Total S.A.'s nd of signi cant,
but as yet unquanti ed, oil reserves in Suriname waters on Suriname's balance of payments (given
the discovery's early nature) as well as the rst oil production (which has a roughly three to ve
year development timeline).

SUMMARY OF DATA ADJUSTMENTS

SUMMARY OF DATA ADJUSTMENTS

--Fitch analyses government operations on a cash basis (which includes net payments of supplier
arrears) using published Ministry of Finance statistics on arrears ows because this treatment
better explains the scale of the government's nancing needs and change in government
debt/GDP during 2015-2019, in our view, than the government commitment balance also
published by the Ministry of Finance.

--Fitch values government debt at reference period-end market exchange rates; this differs from
valuation according to Suriname's National Debt Law.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.
We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
the cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
LIMITED
cookies clickINFORMATION
Accept.

ACCEPT
--The stock of government arrears to suppliers is not publicly disclosed. However, the ows of
arrears incurred and payments thereof are publicly disclosed.

--Financial soundness indicators of the banking system are released periodically for the IMF
Article IV reports, but not published on a regular basis.

ESG CONSIDERATIONS

Suriname has an ESG Relevance Score of 5 for Political Stability and Rights as World Bank
Governance Indicators have the highest weight in Fitch's SRM and are highly relevant to the rating
and a key rating driver with a high weight.

Suriname has an ESG Relevance Score of 5 for Rule of Law, Institutional & Regulatory Quality and
Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight.

Suriname has an ESG Relevance Score of 5 for Creditor Rights as willingness to service and repay
debt is highly relevant to the rating and is a key rating driver with a high weight. The current rating
action taken on Suriname re ects Fitch's view that a default event is imminent.

Suriname has an ESG Relevance Score of 4 for Human Rights and Political Freedoms as the Voice
and Accountability pillar of the World Bank Governance Indicators are relevant to the rating and a
rating driver.

Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a
score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the
entity, either due to their nature or to the way in which they are being managed by the entity. For
more information on Fitch's ESG Relevance Scores, visit www. tchratings.com/esg.

RATING ACTIONS

ENTITY/DEBT RATING PRIOR

Suriname LT IDR C  Downgrade CCC 

We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
ST IDR C  Af rmed C 
the•cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
cookies click Accept.
LC LT CCC  Downgrade B- Rating
•
IDR ACCEPT Outlook
 Negative

LC ST C  Downgrade B 
•
IDR

Country CCC  Downgrade B- 

•
Ceiling

• senior LT CC  Downgrade CCC 

unsecured
VIEW ADDITIONAL RATING DETAILS

FITCH RATINGS ANALYSTS

Kelli Bissett-Tom
Director
Primary Rating Analyst
+1 212 908 0564
Fitch Ratings, Inc. Hearst Tower 300 W. 57th Street New York 10019

Christopher Dychala
Analyst
Secondary Rating Analyst
+1 646 582 3558

Ed Parker
Managing Director
Committee Chairperson
+44 20 3530 1176

MEDIA CONTACTS

Elizabeth Fogerty
New York
+1 212 908 0526
elizabeth.fogerty@the tchgroup.com

Additional information is available on www. tchratings.com

The following issuer(s) did not participate in the rating process, or provide additional information,
We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
beyond the issuer's available public disclosure: Suriname
the cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
cookies click Accept.
APPLICABLE CRITERIA
ACCEPT rating assumption sensitivity)
Sovereign Rating Criteria (pub. 27 Apr 2020) (including
Country Ceilings Criteria (pub. 01 Jul 2020)

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form

Solicitation Status
Endorsement Policy

ENDORSEMENT STATUS
Suriname EU Endorsed

ADDITIONAL DISCLOSURES FOR UNSOLICITED CREDIT RATINGS

Suriname (Unsolicited)
With Rated Entity or Related Third Party Participation No
With Access to Internal Documents No
With Access to Management No

DISCLAIMER

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, THE
FOLLOWING HTTPS://WWW.FITCHRATINGS.COM/RATING-DEFINITIONS-DOCUMENT
DETAILS FITCH'S RATING DEFINITIONS FOR EACH RATING SCALE AND RATING
CATEGORIES, INCLUDING DEFINITIONS RELATING TO DEFAULT. PUBLISHED RATINGS,
CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S
CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE
FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS
RELEVANT INTERESTS ARE AVAILABLE AT
HTTPS://WWW.FITCHRATINGS.COM/SITE/REGULATORY. FITCH MAY HAVE PROVIDED
ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES.
DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH RATINGS WEBSITE.
We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
the cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
READ LESS
cookies click Accept.

COPYRIGHT ACCEPT
Copyright © 2020 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street,
NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction
or retransmission in whole or in part is prohibited except by permission. All rights reserved. In
issuing and maintaining its ratings and in making other reports (including forecast information),
Fitch relies on factual information it receives from issuers and underwriters and from other
sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual
information relied upon by it in accordance with its ratings methodology, and obtains reasonable
veri cation of that information from independent sources, to the extent such sources are available
for a given security or in a given jurisdiction. The manner of Fitch's factual investigation and the
scope of the third-party veri cation it obtains will vary depending on the nature of the rated
security and its issuer, the requirements and practices in the jurisdiction in which the rated
security is offered and sold and/or the issuer is located, the availability and nature of relevant
public information, access to the management of the issuer and its advisers, the availability of pre-
existing third-party veri cations such as audit reports, agreed-upon procedures letters, appraisals,
actuarial reports, engineering reports, legal opinions and other reports provided by third parties,
the availability of independent and competent third- party veri cation sources with respect to the
particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users
of Fitch's ratings and reports should understand that neither an enhanced factual investigation
nor any third-party veri cation can ensure that all of the information Fitch relies on in connection
with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are
responsible for the accuracy of the information they provide to Fitch and to the market in offering
documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of
experts, including independent auditors with respect to nancial statements and attorneys with
respect to legal and tax matters. Further, ratings and forecasts of nancial and other information
are inherently forward-looking and embody assumptions and predictions about future events that
by their nature cannot be veri ed as facts. As a result, despite any veri cation of current facts,
ratings and forecasts can be affected by future events or conditions that were not anticipated at
the time a rating or forecast was issued or af rmed.
The information in this report is provided "as is" without any representation or warranty of any
kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of
the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness
of a security. This opinion and reports made by Fitch are based on established criteria and
methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports
are the collective work product of Fitch and no individual, or group of individuals, is solely
responsible for a rating or a report. The rating does not address the risk of loss due to risks other
than credit risk, unless such risk is speci cally mentioned. Fitch is not engaged in the offer or sale of
any security. All Fitch reports have shared authorship. Individuals identi ed in a Fitch report were
involved
We in, but
use cookies are not
to deliver oursolely
onlineresponsible for, the opinions
services, to understand stated
how they are usedtherein. The individuals
and for advertising purposes.are
Details of
the cookies
named forwe use andpurposes
contact instructionsonly.
on how to disable
A report them are set
providing out inrating
a Fitch our Privacy Policy.aTo
is neither agree to ournor
prospectus use of
a
cookies click Accept.
substitute for the information assembled, veri ed and presented to investors by the issuer and its
agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any
ACCEPT
time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any
sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment
on the adequacy of market price, the suitability of any security for a particular investor, or the tax-
exempt nature or taxability of payments made in respect to any security. Fitch receives fees from
issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees
generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In
certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or
guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to
vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment,
publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its
name as an expert in connection with any registration statement led under the United States
securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the
securities laws of any particular jurisdiction. Due to the relative ef ciency of electronic publishing
and distribution, Fitch research may be available to electronic subscribers up to three days earlier
than to print subscribers.
For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an
Australian nancial services license (AFS license no. 337123) which authorizes it to provide credit
ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to
be used by persons who are retail clients within the meaning of the Corporations Act 2001
Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally
Recognized Statistical Rating Organization (the "NRSRO"). While certain of the NRSRO's credit
rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit
ratings on behalf of the NRSRO (see https://www. tchratings.com/site/regulatory), other credit
rating subsidiaries are not listed on Form NRSRO (the "non-NRSROs") and therefore credit ratings
issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO
personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.

READ LESS

SOLICITATION STATUS

The ratings above were solicited and assigned or maintained at the request of the rated
entity/issuer or a related third party. Any exceptions follow below.

UNSOLICITED ISSUERS

ENTITY/SECURITY ISIN/CUSIP/COUPON RATING TYPE SOLICITATION

RATE STATUS

We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
Suriname - Long Term Issuer Default Unsolicited
the cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
Rating
cookies click Accept.

Suriname - Short Term Issuer Default

ACCEPT Unsolicited
 Rating

Suriname - Local Currency Long Term Unsolicited

Issuer Default Rating

Suriname - Local Currency Short Term Unsolicited

Issuer Default Rating

Suriname - Country Ceiling Unsolicited

Suriname USD 125 US86886PAB85 Long Term Rating Unsolicited

ENDORSEMENT POLICY

Fitch's approach to ratings endorsement so that ratings produced outside the EU may be used by
regulated entities within the EU for regulatory purposes, pursuant to the terms of the EU
Regulation with respect to credit rating agencies, can be found on the EU Regulatory Disclosures
page. The endorsement status of all International ratings is provided within the entity summary
page for each rated entity and in the transaction detail pages for all structured nance
transactions on the Fitch website. These disclosures are updated on a daily basis.

Sovereigns Latin America Suriname

ENTITIES
Suriname

ISSUER CONTENT
Coronavirus, Commodity Shocks Amplify Pressure on LatAm Sovereigns

Suriname
Suriname - Ratings Navigator

Fitch Downgrades Suriname's Ratings to 'CCC'

Latin American Sovereigns Face Persistent Rating Pressure

Suriname

Suriname
We - Ratings
use cookies Navigator
to deliver our online services, to understand how they are used and for advertising purposes. Details of
the cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
Fitch Revises Suriname's Outlook to Negative; Ratings Af rmed at 'B-'
cookies click Accept.
Growth Slump A Factor in LatAm Negative Rating Pressures
ACCEPT
RECOMMENDED CONTENT
Fitch Af rms AIIB at 'AAA'; Stable Outlook

Deep Restructuring Is No Guarantee of Ecuador Debt Sustainability

Ecuador's Debt Restructuring Prospects

Fitch Rates Indonesia's JPY Bonds 'BBB(EXP)'

Kenya - Ratings Navigator

Canada - Ratings Navigator

Finland

Sovereign Rating History - June 2020

China Perspectives - Fiscal Policy in the Wake of Coronavirus

FITCH RATINGS ANALYSTS

Kelli Bissett-Tom
Director
Primary Rating Analyst
+1 212 908 0564
Fitch Ratings, Inc. Hearst Tower 300 W. 57th Street New York 10019

Christopher Dychala
Analyst
Secondary Rating Analyst
+1 646 582 3558

Ed Parker
Managing Director
Committee Chairperson
+44 20 3530 1176

MEDIA CONTACTS
Elizabeth Fogerty
New York
+1 212 908 0526
elizabeth.fogerty@the tchgroup.com

We use cookies
RATINGS KEY to deliver our online services, to understand how they are used and for advertising purposes.
OUTLOOK WATCHDetails of
the cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
cookies
POSITIVEclick Accept.

NEGATIVE ACCEPT
EVOLVING

STABLE

* Long Term/Short Term Issuer Default Rating displayed in orange denotes EU Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an
explanation of key rating drivers

*Premium content is displayed in Fitch Red

About Regulatory Product

About Us Regulatory Affairs Rating Actions

Contact Criteria Coverage

Careers Code of Conduct & Ethics Research & Analytics

Feedback Privacy Policy Rating Products & Tools

Media Relations Newsletters

Region Sectors Fitch Group

Europe Economics Fitch Bohua

North America Banks Fitch Connect

Africa Insurance Fitch Learning

Asia Sovereigns Fitch Solutions

Latin America Corporates

Middle East Structured Finance

Public Finance - International

Public Finance - United States

We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
Infrastructure & Project
the cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
Finance
cookies click Accept.

ACCEPT
Copyright © 2020 Fitch Ratings, Inc., Fitch Ratings, Inc., Fitch  
Solutions Group, Inc. and their subsidiaries. Policies | Manage
Cookies | Manage Preferences Build v4.1.20

We use cookies to deliver our online services, to understand how they are used and for advertising purposes. Details of
the cookies we use and instructions on how to disable them are set out in our Privacy Policy. To agree to our use of
cookies click Accept.

ACCEPT