NEW YORK (Standard&Poor's) Jan. 11, 2002--Standard&Poor's today affirmed its single-'B' long-term local and single-'B'-minus long-term foreign currency sovereign credit ratings on the Republic of Suriname. The outlooks on the ratings were removed from CreditWatch, where they were placed on Jan. 31, 2001, and revised to stable. The removal from CreditWatch reflects the sovereign's recent clearance of arrears to Inter-American Development Bank and the European Investment Bank. Suriname was in arrears to both institutions for about 18 months. Suriname has also settled arrears with two Spanish Banks (Banco Santander and Banco Vilbao Vizcaya Argentaria). The administration of President Ronald Venetiaan took office in August 2000. It has since faced many challenges, encountering empty government coffers resulting from
