Foreign Currency: A-/Negative/A-2 Local Currency: A-/Negative/A-2 For further details see Ratings List. Curaçao's monetary inflexibility and recent and expected poor economic performance constrain our ratings on the sovereign. Curaçao's stable, democratic political system within the Kingdom of the Netherlands, its net general government asset position, and its strong external balance sheet support our sovereign credit ratings. We are revising the outlook on our long-term ratings on Curaçao to negative from stable. The negative outlook incorporates our greater uncertainty regarding the future of the country's oil refinery. An operation disruption in 2020 would likely translate to a stiff economic contraction and deteriorating fiscal performance. On March 22, 2018, S&P Global Ratings affirmed its 'A-/A-2' long- and short-term foreign and local currency
