Fitch Ratings has withdrawn the 'A+'/Stable rating assigned to the $85.7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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Fitch Ratings
Primary Analyst
Cinthya Ortega, +1-312-606-2373
Director
Fitch
Ratings, Inc.
70 W Madison Street
Chicago, IL 60602
or
Secondary
Analyst
Gregory Lane, +1-312-606-2304
or
Committee
Chairperson
Greg Kabance, +1-312-368-2052
Managing Director
or
Media
Relations
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com