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S&P says Uganda local bond liability management is not a distressed exchange

Reuters
·1 min read

JOHANNESBURG, Feb 9 (Reuters) - Uganda asking holders of a local bond maturing in April to swap it for longer-tenured instruments is not a distressed exchange event, but "suggests heightened medium-term fiscal and monetary risks associated with rising debt servicing costs," the rating agency S&P Global said on Thursday.

"Our view is that the government of Uganda continues to be solvent, but fiscal flexibility is deteriorating," S&P Global added in the statement, without changing the country's rating.

S&P rates Uganda's sovereign debt 'B' and revised the outlook to negative in December 2022. (Reporting by Rachel Savage, Editing by Jorgelina do Rosario)

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