Governor: Downgrade unjustified

Governor of Barbados Central Bank Delisle Worrell says the downgrade was unjustified.

By Geralyn Edward, Business Editor | Wed, July 18, 2012 - 12:05 AM

Standard & Poor’s (S&P) rocked Barbados yesterday with a downgrade to ‘BB+/B’ that knocked the island out of the select group of investment grade countries.

However, Governor of the Central Bank of Barbados Dr DeLisle Worrell hit back, slamming the downgrade by the New York-based international rating agency as “unjustified” and lacking in “logic”.

In a hastily-called Press conference at the Central Bank in Bridgetown, Worrell contended: “You downgrade people for things they do or have not done, not for things that happened to them. That is the only answer I can give.”

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Posted by J. Payne 10 months, 1 week ago: (quote) “You downgrade people for things they do or have not done, not for things that happened to them. That is the only answer I can give.”(/end quote)

Trying to tell S&P how to do their job? Under his logic, it sounds like if someone loses a job and can't pay their bills, creditors/credit rating agencies shouldn't lower that person's credit score if they miss a few payments.

Which planet is he on? This world does not work like that! If he wants it to be do something worthwhile like get a coalition of countries to make changes at the WTO and other global fora. In the meantime, the sooner Barbados gets someone in office that understands such, the sooner the debt might be better managed and the country might have a chance to rebound.