S&P: Aruba negative

Standard & Poor's said it revised its outlook on the long-term ratings on Aruba to negative from stable.

At the same time, the agency said it affirmed its A-/A-2 sovereign credit ratings on Aruba. The transfer and convertibility assessment is unchanged at A-.

S&P said the negative outlook reflects the potential for a downgrade if the country's external and fiscal profiles erode as a result of an unexpectedly prolonged suspension of the operations of the island's oil refinery.

According to S&P, the refinery, owned by Valero, both directly and indirectly employs about 5% of the island's workforce and is the largest single employer in the private sector.

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