S&P: Belize view to negative

Standard & Poor's said it revised the outlook on Belize to negative from stable.

The agency also said it affirmed the B-/C sovereign long-term foreign-currency credit ratings on Belize.

The 3 recovery rating on Belize's senior unsecured debt and the B- transfer and convertibility assessment on the country remain unchanged, S&P said.

The outlook revision reflects diminishing political incentives to service Belize's external debt, the agency said.

A low growth and investment outlook, rising crime, public-sector wage pressures and a hard budget constraint may reduce political incentives to pay debt service, S&P said.

Belize's external imbalances, weak political institutions and large general government debt burden also constrain the rating at the B- level, the agency said.

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