S&P Cuts Belize's Rating on Expected Missed Payment
Standard & Poor's lowered its sovereign-credit rating on Belize further into junk territory, after the country's government said it won't make its coming coupon payment on its bonds due 2029.

S&P downgraded the Central American country's rating to double-C from triple-C-minus. The outlook is negative, reflecting prospects the firm could lower the ratings to selective default if Belize's government misses its payment as announced or if it proposes a debt exchange to investors.

Earlier Tuesday, Belize's government said it won't pay the $23 million semiannual coupon due Aug. 20 on its $546.8 million bonds due 2029.