Aruba moves down a notch

Aruba moves down a notch

Corporate & Sovereign Strategy

Fitch has cut Aruba’s rating by a notch to BBB-, citing the impact of recurrent suspension of operations at the Valero oil refinery on growth, the current account and foreign reserves. The Caribbean country has a rigid budget and increasing difficulty in cutting its large fiscal imbalances and rising public debt. The budget deficit averaged 6.8% of GDP between 2010 and 2013, resulting in a jump in public debt from 40% of GDP to 60%, well above the 39% median of the 'BBB' category, Fitch said. Th

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