Credit rating agency S&P Global Ratings said on Wednesday it has downgraded Belize’s foreign currency ratings to SD from CC/C after the Central American country announced details of a debt restructuring plan this week, Reuters reported. Belize in July proposed to creditors that it would capitalize some scheduled payments on its $526 million Eurobond maturing in 2034 because it could not afford to meet them as it battled with the effects of the coronavirus pandemic.
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