S&P lowers Belize

S&P said it downgraded Belize’s sovereign credit rating to CC from CCC. Liquidity pressures exacerbated by the pandemic make a distressed debt exchange or default “virtually certain,” S&P said.

The agency also placed the country’s ratings on CreditWatch with negative implications.

“Our CreditWatch negative placement reflects the risk to debt repayment within the next three months in the context of ongoing liquidity pressures. We would lower the ratings to selective default (SD) if the government undertakes a distressed exchange offer or if it is not able or willing to service the interest payment due Aug. 20, 2020, before the grace period expires,” S&P said in a press release.

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