Moody's: Belize view negative

Moody's Investors Service said it changed the outlook on Belize's ratings to negative from developing.

The foreign currency rating remains at Ca and the local currency rating remains at Caa3.

Moody's said this action reflects the government's Aug. 14 decision to renege on the 8½% August coupon payment on the $547 million sovereign bond maturing in 2029, after publicly budgeting for the $23.5 million outlay in the 2012/13 budget discussion held in June.

The bond, which accounts for 48% of total central government debt and 57% of external debt, is itself the result of a distressed debt exchange completed in 2007, the agency said.

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