S&P Affirms Suriname’s Ratings, Outlook

S&P has affirmed its B+ long-term foreign currency, BB minus long-term local currency and B short-term sovereign currency rating. The outlook remains stable, the agency says, citing the country’s improving macro fundamentals, robust medium term growth prospects, strengthened debt position, and, most importantly, efforts on the legislative and institutional fronts to preserve strength beyond economic and political cycles. S&P expects Suriname’s international reserves to grow while debt declines in 2009, despite the drop in commodities, which should lead to lower fiscal surpluses, below 1% of GDP, and slower economic growth through 2010.