S&P cuts Belize

Standard & Poor's said it lowered its long- and short-term foreign currency sovereign credit ratings on Belize to SD from CC/C.

At the same time, the agency said it lowered its rating on Belize's bond due in 2029 to D.

Ratings on the government's local currency debt remain at CCC+/C. The recovery rating on Belize's foreign currency debt is 4, indicating an estimated post-default recovery of 30%-50%.

"The rating action follows the government of Belize's failure to pay the $23 million semiannual interest coupon due on Aug. 20, 2012, on its $547 million bond due in 2029," said S&P credit analyst Kelli Bissett in a news release.

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