S&P upgrades Belize

S&P said it raised its long-term foreign currency rating on Belize to B- from SD (selective default). In addition, S&P raised the short-term foreign currency rating to B from D.

At the same time, the agency raised the long-term local currency rating to B- from CC and the short-term local currency rating to B from C. The outlook on the long-term foreign and local currency ratings is stable.

S&P also raised the rating on the bonds included in the sovereign's debt exchange to B- from D.

Finally, the agency raised its transfer and convertibility assessment to B- from to CC.

S&P said these rating actions follow Belize's announcement on March 21 that the proposed amendments to the terms of the U.S. dollar bonds due in 2038 took effect following the acceptance by creditors holding 88% of such bonds.

The ratings on Belize reflect the government's still-high debt burden, offset somewhat by its improved amortization and debt service profile in the next three years, S&P said in a news release.

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