S&P Revises Down Belize To Default On Debt Swap Offer

S&P Revises Down Belize To Default On Debt Swap Offer

Corporate & Sovereign Strategy

Following the announcement Wednesday by Belize that it will offer to exchange most categories of its foreign commercial debt for new dollar bonds, ratings agency Standard & Poor's Thursday lowered its long-term foreign currency sovereign credit rating on the country, this time to selective default (SD) from CC/C. Last month the agency downgraded the rating from CCC- to CC, just two notches above a default rating. The agency said it had also revised its long-term foreign currency ratings on the b

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