S&P lifts Grenada sovereign rating

Standard & Poor's said it raised its long-term sovereign credit rating on Grenada to B- from CCC+. The agency also upgraded the senior unsecured foreign-currency rating to B- from CCC+.

S&P also affirmed its C short-term sovereign credit rating on Grenada.

The outlook remains stable.

The upgrade reflects steps taken by the government to improve debt servicing, which lowers the risk of new domestic debt arrears, S&P said.

The ratings remain constrained by the persistently difficult fiscal situation and slower-than-expected economic recovery, the agency said.

The stable outlook balances out the risk of continuing fiscal underperformance with a relatively favorable amortization profile on Grenada's debt, according to S&P.

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