S&P affirms Grenada

Standard & Poor's said it affirmed its B- long-term and C short-term sovereign credit ratings on Grenada.

The outlook on the long-term ratings remains stable.

S&P said the ratings on Grenada are constrained by large government debt, which, at an estimated 118% of GDP in 2006 - 98% of GDP on a net basis - is one of the highest among the 110 sovereigns rated by the agency.

The debt burden has been partly alleviated by the debt restructuring completed in November, which extended the maturity of roughly $261 million to 2025 and reduced the interest payment by more than half, S&P said.

However, fiscal pressures remain high and fiscal flexibility is limited, the agency added.

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