In October 2012, Grenada made its overdue coupon payment on its $ million bond due 2025 before expiry of the 30-day grace period which the country was given when it missed the scheduled September payment. Standard & Poor’s subsequently downgraded Grenada’s credit rating to “selective” default, but following the payment upgraded Grenada’s status to CCC+, still below the previous level.
I am now at your disposal for questions. BIS Review 114/2007  5