March 1, 2005
Standard & Poor's cut Belize's foreign-currency debt rating two levels to C
Standard & Poor's cut Belize's foreign-currency debt rating two levels to CCC, or eight levels below investment grade, citing the country's increasing debt load and lack of access to financing. S&P has a "negative" outlook on Belize's rating. Belize faces amortizations this year of $150 million, compared with $139 million in international reserves. The country's debt-to-gross domestic product ratio climbed to 97 percent last year, from 85 percent in 2003.