Nevertheless, this prompted Standard & Poor’s Ratings Services (S&P) to classify the foreign currency rating on Belize as “selective” default, one step below a full default. Belize is negotiating a debt exchange offer with bondholders but no consensus has been reached as yet on proposed new terms.
In October 2012, Grenada made its overdue coupon payment on its $ million bond due 2025 before expiry of the 30-day grace period which the country was given when it missed the scheduled September payment. Standard & Poor’s subsequently downgraded Grenada’s credit rating to “selective” default, but following the payment upgraded Grenada’s status to CCC+, still below the previous level.