We expect that after a year of strong tourism-driven recovery in 2022, Curacao's economic growth will slow in 2023, largely due to factors in tourism source markets. We also expect fiscal results to improve and progress on negotiations with the Netherlands on revised terms of pandemic-related lending to support institutional stability. S&P Global Ratings affirmed its 'BBB-' long-term foreign and local currency ratings and 'A-3' short-term foreign and local currency ratings on Curacao. The 'BBB-' transfer and convertibility (T&C) assessment is unchanged. The stable outlook incorporates our expectation that Curacao's fiscal position will continue to improve and negotiations on the terms around lending from the Netherlands will progress smoothly alongside economic uncertainty in tourism source markets and increasing concentration of
