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Aug 17, 2020

Super Bond Payment Deferred

Dean Barrow

Belize has gotten a much needed break as far as the payment of the super bond even though the country’s credit rating was downgraded by Standards and Poor to a rating of selective default. On Friday, PM Barrow congratulated those who were instrumental in deferring the payment of the super bond amid the economic downturn due to COVID-19.

 

Reporter

“Earlier this week, Belize, it’s rating after reaching an agreement with the bondholders, Belize’s rating was downgraded to SD, selective default.  Only that word alone, no sovereign wants to hear the word default linked with them.”

 

Prime Minister Dean Barrow

“Well you know, these people and their jargon and their terminology, I’m not going to quarrel with them, I’m no expert, but how is that selective default when there’s an agreement, there was a consent solicitation and the people that you owe the bondholders, accepted that there was a need to capitalize… No, the default would have been if they had said no and we simply didn’t pay.”

 

Reporter

“Didn’t they do the same thing back in 2017?”

 

Prime Minister Dean Barrow

“Well whatever they did, they are wrong.  The fact is that we put out the consent solicitation, we succeeded and we don’t have to pay the money for now and god knows we needed that break.  And so I would say to those that were involved in trying to make this happen for us, job well done.”


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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