Moody?s downgrades Bze?s credit rating

The death has yet to be officially announced of Government?s badly needed bond issue, but news from the international scene might just be another nail in the coffin. Belize?s international credit rating took a hit it didn?t need today, as Moody?s Investors Service downgraded our credit status on Thursday. The ceiling for bonds and notes has moved from Ba3 to B2 and the foreign currency country ceiling for bank deposits has been lowered from B1 to B3. Foreign currency bond ratings have been reduced from Ba3 to B2. In a statement, Moody?s announced, “The debt build-up that led to the downgrade was largely a direct consequence of expansionary policies although it also incorporates financing incurred to cover the reconstruction costs associated with various infrastructure projects.”