{"id":6694,"date":"2023-05-10T08:14:11","date_gmt":"2023-05-10T12:14:11","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/sp-says-el-salvadors-debt-exchange-constituted-default\/"},"modified":"2023-05-10T08:14:12","modified_gmt":"2023-05-10T12:14:12","slug":"sp-says-el-salvadors-debt-exchange-constituted-default","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6694","title":{"rendered":"S&P says El Salvador’s debt exchange constituted default"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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(Reuters) – Ratings agency S&P on Tuesday said a pension debt exchange by El Salvador in April constituted a default event, but added that the new terms of the exchange also cured the default.<\/p>\n

El Salvador conducted a pension debt exchange on April 28, offering private pension funds a mix of new certificates to replace some earlier sovereign financial obligations, according to S&P.<\/p>\n

“In general, at such low ratings levels, we consider most exchanges as distressed and tantamount to a default,” S&P said.<\/p>\n

However, after the debt exchange, El Salvador will have fiscal relief of around $500 million annually over the next four years, according to S&P.<\/p>\n

The ratings agency said it lowered El Salvador’s sovereign credit ratings to selective default from ‘CCC+\/C,’ on Tuesday, but will most likely raise it back to ‘CCC+\/C,’ on May 10, since the new terms of the debt exchange cured the default.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. (Reuters) – Ratings agency S&P on Tuesday said a pension debt exchange by El Salvador in April constituted a default event, but added that the new terms of the exchange also cured the default. El Salvador conducted a pension debt exchange on April 28, offering private pension funds a mix of new certificates […]<\/p>\n","protected":false},"author":1,"featured_media":6695,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-6694","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nS&P says El Salvador's debt exchange constituted default | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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