S&P drops Honduras to B

Standard & Poor's said it lowered its long-term foreign and local currency sovereign credit ratings on the Republic of Honduras to B from B+.

At the same time, the agency affirmed its B short-term foreign and local currency ratings.

The outlook is stable.

The transfer and convertibility assessment was lowered to B+ from BB.

"The downgrade reflects the government's diminished fiscal flexibility and rising debt burden, which increases Honduras' vulnerability to external shocks or negative political developments," S&P credit analyst Kelli Bissett-Tom said in a news release.

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