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BRIEF-S&P downgrades Republic of Suriname to 'B' from 'B+' on worsening economic strength, debt burden
April 26, 2017 / 6:22 PM / 5 months ago

BRIEF-S&P downgrades Republic of Suriname to 'B' from 'B+' on worsening economic strength, debt burden

April 26 (Reuters) - S&P Ratings:

* S&P lowers Suriname sovereign credit rating to B from B+

* S&P says Republic of Suriname downgraded to ‘B’ from ‘B+’ on worsening economic strength and debt burden; new debt rated ‘B’

* S&P says also revising transfer and convertibility assessment on Suriname to ‘B+’ from ‘BB-’

* S&P says Suriname downgrade “reflects the worsening of our assessment of the country’s economic strength and its debt burden”

* S&P says assigning ‘B’ senior unsecured debt rating to Suriname’s $550 million bond due in 2026

* S&P, on Suriname, says expects real gdp growth will be close to zero in 2017

* Lowering economic assessment of Suriname because economic growth rates are below range S&P expects for countries at similar level of per capita GDP

* S&P says ratings on Suriname reflect “lack of monetary flexibility”

* S&P, on Suriname, says small local capital markets and high dollarization of both bank assets and liabilities constrain effectiveness of monetary policy

* S&P, on Suriname, says expects that the government will contain spending pressures and move toward strengthening its revenue base Source text (bit.ly/2p4HSJ3)

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