Curacao's government has taken steps to improve its financial position, and while we expect this to result in some economic contraction over the short term, we believe certain deficits will return to surpluses over the next decade. We are affirming our 'A-' long-term and 'A-2' short-term sovereign ratings on Curacao. We are revising the outlook to stable from negative, reflecting our expectation that the government's fiscal position will gradually improve and the gross general government debt burden will gradually decline. On June 14, 2013, Standard&Poor's Ratings Services affirmed its 'A-' long-term and 'A-2' short-term sovereign ratings on the government of Curacao, and revised the outlook to stable from negative. The outlook revision to stable reflects a series of
