Business
Laos credit downgrade signals ‘real’ default risk as China looms – Nikkei Asian Review
Fitch’s rare cut to ‘CCC’ raises possibility of relief from Beijing
HONG KONG — Fitch Ratings has downgraded Laos’ rating to “CCC” from “B-,” meaning that the Southeast Asian nation faces “substantial credit risk” and that default is a “real possibility,” according to the agency’s definition.
It is rare for a sovereign nation to be rated in the “C” class. In a report issued Wednesday, Fitch admitted that it “typically does not assign outlooks or apply modifiers to sovereigns with a rating of ‘CCC’ or below.”
Moody’s Investors Service also downgraded Laos’ iss…
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