Rating agency Fitch changes its criteria on pausing debt repayments: why it matters

By Nicole Goldin, Head of Equitable Development, United Nations University
Daniel Cash, Senior Fellow, Centre for Policy Research (UNU-CPR), United Nations University; Aston University

A recent development in the credit rating space could signal important progress in one of the more intractable challenges in global development finance. The challenge is how countries can manage periods of acute debt stress without being pushed prematurely towards default.

The current system can discourage countries facing acute financial stress from seeking temporary liquidity relief, because doing so may trigger market reactions that worsen borrowing conditions. Delays in seeking support can, in turn, deepen financial instability.

But Fitch Ratings, one of the world’s…

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