Fitch Ratings downgraded Suriname's long-term foreign currency issuer default rating to RD, or restricted default, from C following the government's failure to pay $25.4 million of interest due to noteholders within a 30-day period that expired Nov. 25.

In downgrading the rating, Fitch also flagged the government's second consent solicitation to reschedule external debt service in 2020, saying it "will not remedy Suriname's fundamental debt sustainability challenges and that the sovereign remains in a debt-restructuring process."

The rating agency also cited the government's high debt, which is expected to reach 137% of GDP at the end of 2020.

As part of the ratings action, Fitch withdrew its long-term and short-term local-currency issuer default ratings on Suriname due to the lack of sufficient information to maintain the ratings.