Belize Earns Moody’s Upgrade

Belize’s debt restructuring launched at the end of last year and due to close on February 20 has earned the sovereign a ratings upgrade from Moody’s Investors Service. Moody’s announced Tuesday it had raised the country’s credit rating two notches to Caa1 from Caa3. It said the upgrade reflected the “improved liquidity following the restructuring of the government’s external commercial obligations, alleviating concerns about cash-flow over the next few years.” Moody’s also upgraded the Caa1 country ceiling for bonds to B2 and the Caa3 foreign currency country deposit ceiling to Caa1. The outlook on the ratings is stable.