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Moody's cuts Honduras's credit rating

Friday, February 28, 2014

Honduras’s credit rating was cut by Moody’s Investors Service after the Central American nation’s deficit surged last year and the government boosted sales of short-term domestic debt.

Moody’s lowered Honduras’s credit rating to B3 from B2, putting the $18.4 billion economy in the same category as the Democratic Republic of Congo and Argentina.

he move comes about one month after President Juan Orlando Hernandez took office vowing to tackle the deficit and as his finance minister seeks an accord with the International Monetary Fund.

Source: Bloomberg