Looming Debt Crunch Positions Laos as Next Possible Asia Default [Business News Network (BNN) (Canada)]
Moody's Corporation (MCO)
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Source: Business News Network
Fuel shortages across the Southeast Asian country of 7.5 million people is the latest sign of distress, the result of elevated oil prices and a plunging currency. Most worrying is a debt load that dwarfs its cash pile, a challenge for the secretive communist regime that's had an ironclad grip on power since 1975. “It is on the brink of default,” said Anushka Shah, vice president and senior credit officer at Moody's Investors Service, which downgraded Laos's credit rating on Tuesday one notch to Caa3, citing weak governance, a very high debt burden and insufficient foreign exchange reserves to cover maturing external debt. According to the World Bank, as of December the country had $1.3 billion of reserves on hand while external debt repayments total roughly that same amount every year until 2025, the equivalent of about half total domestic revenue. The Ministry of Finance didn't reply to requests for comment. The one-two punch of higher US interest rates -- which weakens loca
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