Standard&Poor's Rating Services' ratings on Curaçao reflect its stable democratic parliamentary system and rule of law within the Kingdom of the Netherlands, its prosperous economy, high level of social development, and strong government balance sheet. The country's low per capita GDP growth and limited monetary and external flexibility constrain the ratings. We believe that Curaçao's per capita GDP will likely exceed US$21,000 in 2011. Its economy is somewhat more diversified than many Caribbean economies: its tourism, oil refining, and offshore financial services represent the largest sectors of the economy. Furthermore, Curaçao has a very high literacy rate, and its residents receive a comparatively high level of social welfare services from the public sector. As an autonomous state within
