April 15, 2013 / 10:01 PM / in 5 years

Moody's upgrades Belize to Caa2, stable outlook

NEW YORK, April 15 (Reuters) - Moody’s Investors Service on Monday raised Belize’s government bond rating to Caa2 from Ca, citing better government liquidity after a debt restructuring.

“The upgrade balances an improvement in the government’s liquidity position following a pre-emptive restructuring of its external commercial debt against a debt overhang that was not cured by the default and continues to impair Belize’s credit solvency,” Moody’s said in a statement.

The outlook is stable. Standard & Poor’s rates the country B-minus with a stable outlook.

Belize’s government said last month that it had met the required threshold needed to complete a debt exchange on the country’s $550 million superbond, allowing the Central American nation to restructure its debt.

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