MOODY’S DOWNGRADES SURINAME’S RATING TO CAA3; MAINTAINS NEGATIVE OUTLOOK

MOODY’S SAYS SURINAME’S DOWNGRADE TO CAA3 REFLECTS MUCH HIGHER PROBABILITY OF A DISTRESSED EXCHANGE OR DEFAULT ON MARKET DEBT THAN EXPECTED

* MOODY’S SAYS SPENDING PRESSURES FROM CORONAVIRUS AND INCREASED FINANCING NEEDS HAVE LED TO SEVERE TIGHTENING OF FINANCING CONDITIONS FOR SURINAME

* MOODY’S SAYS NEGATIVE OUTLOOK REFLECTS MATERIAL RISK OF EXTENSIVE RESTRUCTURING OF SURINAME’S MARKETABLE DEBT

* MOODY’S SAYS EXPECTS REAL GDP WILL CONTRACT BY 4% IN 2020, WITH RISKS TO THE DOWNSIDE FOR SURINAME

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