S&P affirms Grenada

Standard & Poor's said it affirmed Grenada's B- long-term and C short-term sovereign credit ratings.

The outlook remains stable.

Grenada's high levels of external and fiscal indebtedness, with gross general government debt expected to be 97% of its GDP at year-end 2011, continue to constrain the ratings, S&P said,

But, Grenada's more favorable debt service structure and improved fiscal performance under an International Monetary Fund program help to mitigate the risks associated with the high level of debt.

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