Don’t take downgrade sitting down!
Minister of Industry, Small Business and Rural Development Denis Kellman (FP)
Sat, July 28, 2012 - 12:08 AM
AS SOME of the ratings of Standard and Poor’s (S&P) come under investigation by regulators in the United States, one local Government minister is questioning the decision of the rating agency regarding downgrades of Barbados.
Minister of Industry, Small Business and Rural Development Denis Kellman suggested that some of S&P’s assessments of the island’s economy should be queried.
“This agency downgraded Barbados in 1999 while it was in crisis. By 2004 and 2005, we were told that these things had improved but this was not accompanied by an upgrade. Should we not have questioned those decisions?” asked Kellman.
“I watch with interest the investigation that is now being carried out by the United States Department of Justice (and the Securities and Exchange Commission) into Standard & Poor’s over its rating system,” added Kellman.
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