The ratings on Curaçao reflect its stable democratic parliamentary system and rule of law in 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. Curaçao's per capita GDP is likely to exceed US$22,000 in 2013 despite an expected economic contraction of nearly 2%. Its economy is somewhat more diversified than many Caribbean economies. Tourism, oil refining, and offshore financial services represent the largest sectors of Curaçao's economy. Furthermore, the country 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
