Friday, December 8, 2006

by Thomas Black

USA (Bloomberg), NEW YORK: Belize's foreign currency rating was lowered to selective default by Standard & Poor's following a bond exchange proposed Wednesday by the Central American country.

S&P said in a statement that it lowered Belize's long-term foreign currency rating to SD from CC and lowered bonds in the proposed exchange to D from CC because the exchange would cease interest payments on the bonds.

"When the debt restructuring is complete, Standard & Poor's will revise its SD and D ratings to a rating that incorporates a forward-looking assessment of Belize's debt-servicing capacity, most likely in the B category," the credit rating company said in a statement.

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