S&P cuts Suriname

S&P said it lowered its ratings for the Republic of Suriname and its $550 million bond to CCC+ from B-.

“The downgrade reflects our view that the economic shock from the pandemic and fall in oil prices will keep general government deficits and financing requirements at already elevated levels. Suriname’s institutions have weakened in the past year and political uncertainty related to the upcoming election may reduce the effectiveness of future policy responses to the economic and fiscal challenges facing the country,” said S&P in a press release.

The outlook is negative.

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