NEW YORK (Standard&Poor's CreditWire) Nov. 23, 1999--Standard&Poor's today assigned its single-'B'-minus long-term foreign currency and its single-'B' long-term local currency sovereign credit ratings to the Republic of Suriname, marking the first time Standard&Poor's has assigned sovereign ratings to the country's government. The outlook is stable. The higher local currency rating is based on the sovereign's powers of taxation and control over its financial system. Suriname's ratings are constrained by: -- A sharp deterioration in the central government's budget deficit. The budget deficit was brought under control in 1996 when it registered a small surplus. However, as a result of substantial consecutive yearly increases in the real wages of civil servants and of a negative
