S&P lowers Belize foreign currency to CCC-

Standard & Poor's said it lowered the sovereign long-term foreign currency rating on the government of Belize to CCC- from CCC.

At the same time, S&P said it affirmed its CCC+ long-term local currency rating on Belize and its C short-term foreign and local currency ratings.

The outlook is negative.

S&P said the official press statement on May 26 prompted the downgrade, reflecting the government's indication that it will seek to extend the maturity profile of its commercial external debt through bilateral discussions with creditors.

Any such rescheduling will likely be on unfavorable terms to investors and constitute a default, the agency added.

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