Standard & Poor's Rates Belize Debt "B" with a stable outlook
Current debt is 85% of Gross Domestic Product (U.S. is about 65%)
Interest costs dropped to 5.5% of GDP in 2007 from 7% in 2006. Costs in 2008 are to be 4.3%.
Belize's 'B' long, short-term sovereign ratings affirmed, outlook stable - S&P
Standard & Poor's (NYSE:MHP) Ratings Services said it has affirmed the long
and short-term sovereign credit ratings on central American nation of
Belize at 'B' with a stable outlook.
The ratings on Belize balance the government's large debt against its
improved amortisation and cost profiles, said S&P.
'The debt exchange launched by the government on Dec 18, 2006, and
concluded on Feb 20, 2007, affected 50 pct of Belize's total public debt,'
the ratings agency said.
While the restructuring did not reduce the stock of the government's debt,
which stands at 85 pct of GDP in 2007, it lengthened its maturity
significantly and decreased debt interest payments, S&P said.
Interest costs dropped to 5.5 pct of GDP in 2007 from 7 pct in 2006, and
should decrease further to 4.3 pct of GDP in 2008, the ratings agency said.
'The stable outlook reflects S&P's expectation that the government has the
ability to improve its financial position and reduce debt improved
following the debt restructuring,' it said. http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-21575107.htm