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,”
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The country’s foreign exchange reserves have fallen below $1bn, less than Laos’ annual debt payments
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Laos will be hard-pressed to meet its external debt obligations
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Fitch Ratings has affirmed Laos’ Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B-‘ and revised the Outlook to Negative from Stable.
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