S&P lifts Grenada

Standard & Poor's said it raised its foreign currency sovereign credit ratings on Grenada to CCC+/C from SD/SD.

The agency said it also affirmed the CCC+/C local currency ratings on Grenada. The senior unsecured foreign currency rating on the $193 million bond due 2025 is also CCC+.

The outlook on the long-term ratings is negative.

"The large and persistent fiscal and external deficits, debt management difficulties as a result of weak liquidity, and dim near-term growth prospects limit our ratings on Grenada," said S&P credit analyst Kelli Bissett in a news release.

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