UPDATE 2-Malaysia's 1MDB says in default after missed bond payment

martes 26 de abril de 2016 04:17 GYT
 

* 1MDB did not pay $50.3 mln coupon over dispute with IPIC

* Non-payment triggered cross-default on several 1MDB bonds

* Moody's analyst flags risk govt could assume 1MDB debts (Updates with IMDB CEO, S&P comment, market reaction)

By Umesh Desai and Saeed Azhar

HONG KONG/SINGAPORE, April 26 (Reuters) - 1Malaysia Development Bhd (1MDB) said on Tuesday it did not pay a $50.3 million coupon on a $1.75 billion bond following a stand-off with Abu Dhabi sovereign fund IPIC, triggering cross defaults on some of its other bonds.

The troubled Malaysian state fund, which is at the centre of a multi-billion-dollar graft scandal, said in a statement it would meet all its other liabilities.

The missed payment increases the probability the government will have to assume 1MDB's obligations, said Christian de Guzman, a senior analyst at Moody's Investors Service.

"It brings us one step closer to crystallisation of contingent liabilities on the government's balance sheet," he told Reuters.

S&P Associate Director YeeFarn Phua said the default may trigger an "acceleration event on the other bonds of 1MDB", meaning lenders may demand an early bond or loan repayment.   Continuación...