After a new government in Curacao took office in mid-2021 and in the Netherlands in January 2022, and following the advancement of both governments' reform agendas, we believe the risks of further political polarization have eased. At the same time, we expect the economic recovery in 2022 will be stronger than anticipated, which will lead to stronger revenue collection and lower fiscal deficits. S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BBB-' long-term foreign and local currency ratings and 'A-3' short-term foreign and local-currency ratings. The 'BBB-' transfer and convertibility assessment is unchanged. The stable outlook balances lower risk of political instability and stronger economic recovery with the longstanding economic structural weaknesses and Curacao's ongoing
