S&P lifts Aruba view to stable

S&P said it revised the outlook on Aruba to stable from positive.

The agency also said it affirmed the BBB+ long-term and A-2 short-term sovereign credit ratings on Aruba.

S&P said it affirmed the company's BBB+ transfer and convertibility assessment.

The outlook revision reflects lower-than-expected economic growth during 2016 and an opinion that growth is likely to recover later than originally expected, largely because of delays in the reopening of Aruba's oil refinery, the agency said.

That said, the ratings on Aruba reflect its strong ties with the Netherlands, mature and democratic political system, relatively wealthy economy, stable external indicators, low debt burden and improving fiscal trajectory, S&P said.

The ratings were constrained by its narrow, open economy, which is highly dependent on tourism, the agency said.

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