S&P cuts Belize

S&P said it downgraded Belize’s long-term foreign-currency sovereign credit rating to SD from CC and the foreign-currency bond due in 2034 to D from CC.

“The government of Belize failed to pay the $6.5 million quarterly interest coupon due on May 20, 2021, on its $526.5 million bond due in 2034 (superbond). We do not expect the missed interest payment to be made during the stated 30-day grace period, since the Belizean government recently announced a consent solicitation seeking to extend the grace period applicable to the May 20 coupon to Sept. 19,” S&P said in a press release.

The consent solicitation expires June 1.

Concurrently, the agency affirmed the CC long--term local-currency sovereign credit ratings.

The outlook on the long-term local-currency rating remains negative. S&P said it does not assign outlooks to SD ratings.

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