Standard & Poor's on Monday downgraded Belize's credit ratings deep into junk territory, warning that the country appears to be less willing to service its external debt.

S&P cut Belize's ratings to CCC-plus from B-minus. S&P kept a stable outlook on the rating, however, saying there is a chance that debt management will improve after elections, scheduled for March 7.

(Reporting By Walter Brandimarte; Editing by Padraic Cassidy)