"Under our distressed exchange criteria, and in particular for 'B-' rated entities, the extension of the maturities of the short-term debt with no compensation constitutes a default."
"... if nominal growth is 3 percent and the debt GDP ratio is 300 percent, the implied equilibrium nominal rates is around 1 percent. This is because at 1% rates, 100% of GDP growth is necessary to service interest costs."
