The ratings on Curaçao reflect its stable democratic parliamentary system and rule of law in the Kingdom of the Netherlands, its prosperous economy, high level of social development, and strong government balance sheet. The country's low per capita GDP growth and limited monetary and external flexibility constrain the ratings. We are affirming our 'A-/A-2' sovereign credit ratings on Curaçao. The stable outlook reflects Standard&Poor's assessment that the sovereign's debt burden will stabilize by 2015 and that its current account deficit will gradually fall, reducing fiscal and external vulnerabilities. On March 13, 2014, Standard&Poor's Ratings Services affirmed its 'A-/A-2' sovereign credit ratings on the government of Curaçao. The outlook remains stable. We also affirmed our 'A-' transfer
