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Aug 15, 2012

Standard and Poors downgrades Belize

There will be a special sitting of the House of Representatives on Thursday, August twenty-third. The press release sent from the Capital did not state the reason for the special sitting but the day would no doubt be focused on the Superbond. The next coupon payment of forty-six million dollars is due on Monday, and since the Government of Belize has announced that it won’t be able to service the debt, the credit rating agency Standard and Poor’s had reacted by lowering the long-term foreign currency sovereign credit rating. A report from Reuters, quotes Standard and Poor’s as saying it “lowered the long-term foreign currency sovereign credit rating on Belize to CC from CCC minus. We also lowered our foreign currency issue rating on Belize’s US five hundred and forty-six point eight million dollar bond due in 2029 to CC from CCC minus. At the same time, we affirmed our C short-term foreign currency rating and CCC plus/C local currency sovereign credit ratings on Belize. Our four recovery rating and B minus transfer and convertibility assessment remain unchanged.”  The government had initially said that the funds were included in the budget. If GOB does not make the Monday due date, then a thirty-day grace period commences during which the bond team hopes to negotiate new terms. One group that represents bondholders, Oppenheimer, says that the QUOTE “adversial approach” makes dialogue more difficult.

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9 Responses for “Standard and Poors downgrades Belize”

  1. Storm says:

    Every civic group and private citizen in the nation should be there to protest and BE COUNTED. Let the thieves, incompetents, and other fools inside the House know that we will hold them accountable with PEOPLE POWER.

    This is not a time for political parties — PUP brought us the debt, and UDP has emptied our treasury. So, no blue, nor red. Only Belizeans!

    We must protest AGAINST the “powers that be” and FOR the people, the nation, and our future.

    LET THEM KNOW WE OWN THE HOUSE THEY SIT IN.

  2. Ricky Malthus says:

    Barrow and Espat, Central Bank & Ministry of Finance must be blamed for the imminent economic catastrophe which will occur if we fail to pay the coupon which is due and available in the approved budget. But Barrow feeds on histrionics and melodrama which already are causing serious blowbacks, such as, further downgrading of Belize credit rating. Barrow you must pay this coupon which is due and have a multilateral not a unilateral one by Belize only, negotiations to obtain better rates and terms and conditions with IMF or lender of your choice. If barrow and Espat have any economic sense, they would see the wisdom of this approach. Failure to grasp this concept will throw the economy of Belize in a continuous economic free fall leading to : cessation of international capital flows, higher unemployment leading to decrease GDP which leads to decrease per capita income, which will lead to disturbance to quality of life; also there will be no private investments in Belize, our foreign trade will dry up, consumption of goods and services will be at subsistence level and there will be a general economic negative multiplier effect on the country . Will Belizeans just sit back and allow Barrow and Espat to continue this madness while we all suffer? We must become tigers and remove this cancerous Barrow from office. We will be better off.

  3. Rod says:

    Ever since this pm and gov. Have been in power every aspect of life in Belize has gone to the dogs so this is no surprise we are truly in trouble in Belize people are starting to leave Belize in droves because they cannot make it in this country anymore every aspect of life is in the garbage murders through the roof crime completely out of hand corruption is so rampant that it is done openly now now our money will be devalued so get ready people , this is all due to the worse pm and gov. In the history of this great nation .

  4. Holy Father says:

    A man is defined by his strength of character. This means he walks his talk, and he talks his walk. Dean Barrow has no strength of character. He Obamanizes (lies) and realizes that Belizeans enjoy his fairy tales.

    A country without leadership is a country on the path to self destruction. S&P credit downgrading should come as no surprise……….. and it is bound to get even worse.

    Haiti now has company with which to share its misery………. Belize.

  5. blackberry says:

    The house will be having this special meeting to enable the municipal bill for Belize City council to launch its Bound. More than likely it will be passing its three sitting in one day: Thereby not giving much time to consult. While it may be a good idea the timing is bad. Buyers who can purchase these bonds will be having deep thoughts because of what is happening with the super bond.

  6. Elgin Martinez says:

    Very soon Belizeans are going to be paying twenty dollars for a pound of chicken while Dean take shots of Patron at Miami Beach.

  7. OH says:

    To “holy Father” what does Obamanized means I certainly hope you are not saying Obama lies but then again you might be one of those hateful Rebuplicans that want to middle class to carry the rich on their backs.

  8. Holy Father says:

    @OH – Obamanize may mean lots of things. In an attempt to ban weapon sales, you stage mass shootings in public. People are like sheep, thus these things scare them. It may mean being born in a very dark place and claiming birth right elsewhere.

    Thus when Dean Barrow Obamanizes he is attempting to be someone else. So he lies, he cheats and he steals. However, in his case, he has discovered that Belizeans enjoy the screw job. Belizeans enjoy being lied to, enjoy being conned; so Barrow has gone lubeless. Guess what? Belizeans enjoy that more. 15 vacations in six months, courtesy of the Belizean taxpayer. Amen.

  9. rod says:

    elgin patron is too low for barrow you have to go higher they dont even serve patron in the hotel he is staying remember he is paying 300.00 a night so they only serve the best and patron is not it hope all the poo belizeans are watching how their hard earned money is being wasted by the barrow family and administration what a so called leader.

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