Fitch lowers Aruba to negative

Fitch Ratings said it revised the outlook on Aruba's ratings to negative from stable.

Fitch also said it affirmed the long-term foreign- and local-currency issuer default ratings at BBB and short-term issuer default rating at F3. The country ceiling also was affirmed at A-.

The outlook revision reflects Aruba's continued growth underperformance, large fiscal imbalances, rising government debt and increased economic vulnerability after the halt of fuel exports by the Valero refinery, the agency said.

There also is uncertainty related to the scope and pace of the fiscal consolidation process, especially given high budgetary rigidities and moderate economic growth prospects, Fitch said.

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