Sept. 3 - Distressed debt transactions have become fairly common in the past year, for governments as well as corporations.
Although many issuers consider debt exchange as a way to avoid default, we may evaluate such transactions as defaults if they meet our criteria for a distressed debt exchange. Joydeep Mukherji, director of the Latin American and Caribbean sovereigns ratings department, discusses recent debt exchanges and the chance of a debt exchange in three countries--Argentina, Jamaica, and Ecuador.
