Changes in bond terms or tender offers may qualify as a default on an instrument or by an issuer under certain circumstances. These situations, referred to as distressed exchanges, may be classified as defaults under Nordic Credit Rating's (NCR's) criteria. The attached document provides clarity about the criteria that NCR considers when assessing whether an action qualifies as a distressed exchange.
The list in this document is not exhaustive, and each situation is always assessed on a case-by-case basis. For NCR's definition of default, please refer to our Rating Principles.
Contacts:
Ylva Forsberg, analyst, +46768806742, ylva.forsberg@nordiccreditrating.com
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com
Elisabeth Adebäck, analyst, +46700442775, elisabeth.adeback@nordiccreditrating.com