S&P lowers Grenada

Standard & Poor's said it lowered its long-term foreign and local currency sovereign credit ratings on Grenada to CCC+ from B-.

The outlook is stable.

The agency said that the downgrade is due to increasing fiscal pressures and a deteriorating payment culture, demonstrated by intermittent (currently cured) arrears on domestic commercial bank debt.

Grenada's fiscal accounts have been severely impaired as a result of Hurricane Ivan in 2004, the agency said, noting that the ensuing debt restructuring of 2005 alleviated the amortization and cost profile of Grenada's debt.

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