S&P cuts Belize

S&P said it downgraded its long-term foreign currency sovereign credit rating on Belize to selective default (SD) from CC and lowered the rating on the exchanged foreign-currency bond due in 2034 to D.

“We also removed the long-term foreign and local currency ratings from CreditWatch with negative implications, where we had placed them on June 30, 2020. The outlook on the long-term local-currency rating is stable,” S&P said in a press release.

The rating actions follow Belize announcing an agreement with holders of dollar-denominated bonds on the capitalization of the next three interest payments. “We consider this a distressed exchange offer given the nature of the request amid stressed financing conditions,” S&P said.

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