S&P lowers Belize

Standard & Poor's said it lowered its long-term foreign currency sovereign credit rating on Belize to CC from CCC- while leaving its outlook on this rating at negative.

The agency said it affirmed its CCC+ long-term local currency sovereign credit rating on Belize and revised its outlook on the rating to stable from negative.

The C short-term sovereign credit ratings on the sovereign were affirmed, S&P noted, adding that the rating actions follow the government's announcement of its intention to restructure its foreign-currency-denominated bonds and commercial bank loans.

The agency said that when the government determines and embarks on its exchange offer, S&P will lower the foreign currency rating to selective default.

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