NEW YORK, USA -- Moody's Investors Service downgraded Belize's credit ratings last week, saying that the country's growing debt was becoming increasingly difficult to manage.

According to Reuters, Moody's cut Belize's country ceiling for bonds and notes to B2 from Ba3 and lowered its foreign-currency country ceiling for bank deposits to B3 from B1. Foreign-currency bond ratings were also reduced to B2 from Ba3.

"The debt buildup that led to the downgrade was largely a direct consequence of expansionary policies, although it also incorporates financing incurred to cover the reconstruction costs associated with various infrastructure projects," Moody's said in a statement.