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Jun 21, 2011

Standard and Poor says takeover can lower Belize’s credit rating

Locally, the private sector, through the Belize Chamber of Commerce and Industry has lashed out against the expropriation of Belize Electricity Limited. But the ink was hardly dried on the orders for the government’s takeover of B.E.L. when an international organization threatened that Belize could get a black eye on its credit rating. Standard & Poor’s today said that (quote) “The final details of the acquisition and its impact on the government’s debt burden and fiscal flexibility are uncertain. However, based on the information currently available, we believe that there is significant likelihood that we could lower the ratings to ‘B-minus’ upon the conclusion of this transaction.” (unquote) The statement from S&P further states that Belize’s general government debt as a portion of gross domestic product is already a high eighty-five percent, with the interest burden around fifteen percent of its revenues. Click here for the full text of the release.

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9 Responses for “Standard and Poor says takeover can lower Belize’s credit rating”

  1. Earl Grey says:

    Tell Standard 5 and Poors that WE ARE DOING BETTER THAN GREECE………..
    with more NATURAL RESOURCES

  2. Bzn2DBone says:

    S&P can say whatever they want. We Belizeans run our country, not them….

  3. Initiate! says:

    “significant likelihood” HAH!
    That sounds like a definite “maybe”

    Again, this is very “critical information”!!

    It all sounds like a critics best attempt to shout hurray!! HURRAY!!!

  4. Belizean says:

    Oh yea the same S&P who rated AAA on some horrible loans causing banks to loose Millions of dollars, yea you guys are very credible.

  5. subKonshus says:

    Tell Standard and Poor to go investigate why there are fake gold bars at the United States Bullion Depository located at Fort Knox. That was why the IMF Chief is being Jailed, For Discovering All US Gold Is Gone! Give us a status on the US credit rating in light of that recent discovery that none wants to address Mr. Standard & Poor! Leave Belize alone you oppressors… you got bigger fish to fry!!!
    Read the full report at http://www.whatdoesitmean.com/index1489.htm

  6. Joe McGuire says:

    You people are really idiotic Belize is dropping lower than hell

  7. John Boy,Carson,Ca says:

    Credit rating in the world means a lot.National pride is one thing,Who the goverment of Belize will hurt is Belizeans.Our dollar will have no value on the world market,and our credit rating stinks,we are unfriendly to outside investors.National pride will feed us.

  8. Belizean Diaspora says:

    Well, investing in Belize just got a lot harder now. That certainly takes away the possibility of having something nice for our country. Barrow should wake up and realize the hole he has dug can’t go any deeper than this, and it would only serve to bit him in the rear in his future, but will make our lives hell.

  9. Fairman says:

    There is no such thing as “unfriendly to outside investors.” There are many foreign investors in Belize today and we are not going against all of them. Most of them seem to be happy here.
    Just let me give you one good advice. If your goal is to make millions of dollars in profits everyday, you need to find a large number of rich costumers who can afford to give you a steady flow of big money.
    The population of Belize is very small and mostly poor. It is not that we don’t want to give them anything but we need to be able to keep some for ourselves for our own survival. We are poor and we cannot afford to have one rich man or one rich company strangling the poor people to death through finance. I don’t care if that company or individual is local or foreign.
    Recently, I watched a young white lady on CNN vehemently supporting and encouraging the continuation of the unconscionable practice of taking away from the poor to give to the rich. They are the monsters responsible for the death of millions of children from hunger all over the world.

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