Moody’s downgrades Suriname

Moody’s downgrades Suriname

Caribbean Corporate & Sovereign Strategy

Moody’s said it has downgraded Suriname’s foreign currency and local currency issuer ratings to B1 from Ba3. The outlook remains stable. The rating agency said it cut the sovereign’s ratings due to the "substantial deterioration" of the country’s credit profile over the past year in absolute terms and in comparison to its peers. Moody’s added that the deterioration of the government’s balance sheet will push public debt above 45% of GDP in 2016, despite consolidation measures being implemented.

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