The ratings on the Republic of Suriname reflect the strengthening of its debt-management practices, which resulted in restructuring and repayment of long-standing arrears on bilateral debts to Germany ('AAA'; all sovereign ratings herein are long-term foreign currency sovereign credit ratings), Japan('AA-'), Italy ('A+'), and Banco Bilbao Vizcaya Argentaria S.A.('AA-') guaranteed by the Spanish Export Agency). The government also eliminated small technical arrears to multilateral creditors. The repayment of arrears to Banco Santander Central Hispano, S.A. ('AA-'); also guaranteed by the Spanish Export Agency) is expected in the near future. The arrears due to the U.S. ('AAA') and Brazil ('BB') that amounted to US$125 million at end-September 2006 still exist. (Standard&Poor's ratings typically speak only to a sovereign's commercial
