Posted: Friday, March 24, 2017. 2:32 pm CST.
By BBN Staff: Standard & Poor’s Global Rating agency raised Belize’s long-term foreign currency rating yesterday to B- from SD (Selective Default) following completion of the restructuring of the 2034 Bonds. S&P says the outlook is stable.
S&P also raised the country’s short term foreign currency rating to B from D. S&P also raised the long-term local currency rating to B- from CC and the short-term local currency rating to B from C. S&P added that its new ratings reflects the government’s debt burden, which is still high.
The overall outlook for Belize is stable. It also noted that Belize’s economic growth continues to be sluggish and said the country’s GDP may grow by 1.6 percent between 2017 and 2019. S&P also said the restructuring will give GOB greater capacity to meet its debt servicing requirements within the next 12 to 24 months.
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