Belize

Belize Prime Minister signals credit rating downgrade

by moveforward on February 9, 2012

Belize Prime Minister signals credit rating downgrade

In what some may see as an act of political suicide, the Prime Minister of Belize has effectively nudged credit rating agencies into reducing the country’s credit rating with a most astonishing statement about the country’s external debt. Credit rating agency Standard and Poor’s has reduced the credit rating for the Belizean government from B- to CCC+ as there are concerns about the possibility of a debt default in the short to medium term.

Why would you ask for your credit rating to be downgraded?

The issue with regards to the Belize government and the forthcoming election is the fact that the economy is in decline, external debt is becoming more and more difficult to finance and the Prime Minister and his political party are looking to “connect” with the people again. The Prime Minister asked for a new mandate from the electorate and is quoted as saying “We therefore ask your clear instructions to drive the naysayers back; to do something about the super bond.” So what does this all mean? [click to continue…]

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