Fitch Ratings has withdrawn the 'A+'/Stable rating assigned to the $85.7 million notes issued by Belize Sovereign Investments III (Cayman) Limited (BSI).

The rating withdrawal follows Fitch's recent withdrawal of the 'AA-' Insurer Financial Strength (IFS) rating assigned to Steadfast Insurance Company (Steadfast). The rating of the notes was based on credit support from two insurance policies underwritten by Steadfast, and therefore linked to the IFS assigned to Steadfast.

The BSI notes are backed by two restructured government of Belize (GOB) sovereign obligations from the country's 2007 debt restructuring and benefit from the aforementioned insurance policies, which cover non-payment by the GOB. Since 2012, Steadfast has made three payments to BSI under the policies related to partial payments by the GOB, enabling timely payment of interest on the notes.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=811472

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