Standard and Poor Ups Belize’s Ratings Following Renegotiated Bond
Earlier this week we told you of the ratings placed on Belize by Standard and Poor’s Rating Agency with the understanding that a revised assessment would be conducted due to the recently restructured Superbond. The new ratings are in and we can tell you that the agency has upped the rating for Belize’s long term foreign currency which now stands at a B-minus with a stable outlook. The short term foreign currency rating went from a D to a B while the long term foreign currency rating now stands at a B-minus, moving up from a Selective Default rating. The long term local currency rating went from a CC rating to a B-minus while the short term local currency went from a C to a B. According to Standard and Poor, the current rating is still reflective of continued high debt burden although the outlook on the long term foreign and local currency ratings is stable. The rating agency notes that the economic growth in Belize continues to be sluggish and while the government is hoping for more than a three percent GDP growth, S and P is predicting a possible growth of one point six percent over the next two years.