Standard & Poor's upgrades Honduras to B-plus

Ratings agency Standard & Poor's upgraded the long-term sovereign credit rating of Honduras to B-plus from B, noting the long-term focus and reform implementation allowed by the more stable political environment.

"The upgrade follows the government's ability to restore good ties with external donors and reduce domestic political tensions, thereby creating an environment for recent progress in fiscal and pension reform and gradual exchange rate flexibility," S&P noted in a statement.

Honduras expects its economy to expand by up to 4 percent in 2012, helped by higher coffee prices and textile exports to the United States.

Source: Reuters