S&P lowers Belize to stable

Standard & Poor’s said it revised the outlook on Belize to stable from positive.

The agency also said it affirmed the country’s B- long-term and B short-term foreign- and local-currency sovereign credit ratings.

S&P also affirmed its B- transfer and convertibility assessment.

The outlook revision reflects Belize’s weaker fiscal and external positions, which increase its vulnerability to external shocks, the agency said.

Belize’s fiscal outlook has deteriorated, S&P said. The general government deficit is expected to substantially exceed the initial government’s target of 5.1% of GDP for the fiscal year ending March 2016, the agency said.

Fiscal slippage is largely because of higher spending, S&P added.

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