Belize Mortgage Co. Bonds Downgraded

Moody's Investors Service has downgraded the class B bonds of Belize Mortgage Co. 2002-1 from Ba3 to B2 as a result of the agency's downgrade of the government of Belize's foreign currency rating."The rating of the class B bonds is based on guarantees provided by the [privately held Development Finance Corp.] of Belize and by the government of Belize," Moody's said. "The DFC unconditionally and irrevocably guarantees the due and timely payment of the principal of, and any interest and other charges on, the bonds in U.S. dollars." Because the government of Belize unconditionally guarantees that the DFC will fulfill its obligations, the rating of the class B bonds depends on the ability and willingness of the government to fulfill its guarantee, the rating agency said. Moody's can be found online at http://www.moodys.com.