Fitch cuts Ethiopia’s Eurobond to ‘default’ after missed payment
FITCH downgraded the rating on Ethiopia's only international government bond to "default" from "near default" after the East African country failed to make a $33 million coupon payment. Ethiopia became Africa's third default in as many years on Tuesday after it failed to make the payment on the $1 billion Eurobond. While the payment was due on December 11, a 14-day grace period clause meant it technically had until Tuesday to provide the money. The agency also lowered Ethiopia's long-term foreign currency rating to "RD" or restricted default, from "C". It does not assign outlooks to sovereigns rated "CCC+" or below. Ethiopia requested…
