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Moody downgrades Suriname

Published:Saturday | February 15, 2014 | 12:42 PM

Moody’s Investor Service, the United States-based international credit rating agency, has announced that it has downgraded Suriname’s BA3 government bond ratings from positive to stable.



While noting the country’s rapid economic growth, Moody’s says the downgrade is due to deterioration in the government's fiscal performance and rising debt levels.



The rating agency says despite averaging 4.1 per cent real gross domestic product since 2009 and favourable medium-term prospects, Suriname’s fiscal performance has weakened substantially.



Moody's estimated that the country’s deficit increased substantially in 2013 from 2.1 per cent in 2009.



It said increases in wage expenditures and capital spending have contributed to widening the fiscal imbalance.



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