The deterioration in the balances of the government of Curacao's national pension fund as well as the health care fund has weakened the government's underlying fiscal stance. We are revising our outlook on Curacao to negative from stable. We are affirming our 'A-/A-2' sovereign credit ratings on Curacao. The negative outlook reflects our view that a failure to reverse the recent fiscal deterioration in a timely manner might lead to a downgrade. On Nov. 15, 2012, Standard&Poor's Ratings Services revised its outlook on Curacao to negative from stable. At the same time, we affirmed our 'A-/A-2' sovereign credit ratings on Curacao. The outlook revision reflects the potential for a downgrade if the weakening of the sovereign's fiscal stance
