Sovereign defaults will become more frequent in the coming decade as poorer countries struggle under sizeable debt burdens and the legacy of high borrowing costs, according to S&P Global Ratings.
Even though global interest rates are now on the way down, and countries such as Zambia and Sri Lanka are finally exiting default, many countries have been left with scant resources to service foreign currency debts and little access to capital.
“Due to higher debt and an increase in borrowing costs on hard currency debt . . . sovereigns will default more frequently on foreign currency debt over the next 10 years than they did in the past,” the rating agency said in a report.
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