S&P defaulted Republic of the Congo

As the Financial Times reports, citing a statement by S&P, Congo defaulted in connection with the failure of the country’s debt of $478 million, the Money was to be transferred on 30 June, but before the end of July, the government paid off its debts.

In this case, S&P stressed that if the Congo will find funds for the payment of the debt, its rating may be revised.

Previously, Moody’s downgraded the sovereign rating of the Congo to B3. In turn, Fitch revised the rating to S. it is Expected that in the coming days and that the Agency may declare a default.

In a statement, the rating Agency does not specify how the Congo came to a default, however, the FT cites the IMF in September last year, from which it follows that an African country seriously affected by the fall in world oil prices. In 2014, revenues from oil exports accounted for 70% of all revenues of the Congo.