S&P Lowers Grenada into Default

S&P has lowered Grenada’s rating to selective default (SD) from B minus, it says, following a missed coupon payment. The government failed to make a September 15 installment on its $193m 2025 bond. S&P notes that Grenada stated its intention to use its best efforts to pay the coupon within a 30-day grace period, and the agency says it will make an additional comment as the government’s liquidity situation and future debt payment plans become clear. The outlook is negative.