Laos is struggling with acute fuel shortages, rising food prices and growing debt, making it the latest Asian country after Sri Lanka to come under serious financial strain after a surge in global energy and commodity prices.
Moody’s Investor Service on Wednesday downgraded the landlocked, communist-ruled country’s sovereign debt rating one notch further into non-investment grade, or “junk” territory, to Caa3 from Caa2.
The rating agency said Laos’s default risk would “remain high given very weak governance, a very high debt burden and insufficient coverage of external debt maturities” by foreign exchange reserves.
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