S&P lowers Guatemala

S&P said it lowered its long-term foreign currency sovereign credit rating on Guatemala to BB- from BB and its long-term local currency sovereign credit rating to BB from BB+.

The outlook is stable.

The agency also affirmed the B short-term foreign and local currency sovereign credit ratings on Guatemala and lowered the transfer and convertibility assessment to BB+ from BBB-.

“The downgrade reflects the deceleration in Guatemala's economic growth that we expect to persist over the next two years, which is related to the country's recurrent political instability and weak government institutions,” S&P said in a news release.

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