S&P affirms Guatemala

Standard & Poor's said it affirmed its BB long- and B short-term foreign currency sovereign credit ratings on the Republic of Guatemala.

S&P said it also affirmed its BB+ long- and B short-term local currency sovereign credit ratings on the republic.

The outlook on the long-term ratings was revised to positive from stable, the agency added, noting that the ratings on Guatemala are supported by a strong track record of cautious fiscal policies as the general government deficit, including losses from Banco de Guatemala, was about 2% in 2006 and is expected at about 1.7% in 2007, mainly due to better-than-expected tax collections, as well as improving transparency in governance and in public institutions.

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