Governor surprised by downgradeCentral Bank Governor Dr Delisle Worrell at today's Press conference. (Nigel Browne)
Tue, July 17, 2012 - 5:39 PM
Central Bank Governor Dr Delisle Worrell says he is surprised that Standard & Poor’s has downgraded Barbados.
In a Press conference this evening at the Central Bank, Worrell said the international credit rating agency’s own analysis failed to justify its action in downgrading Barbados’ investments.
“It is a puzzle to us so I am not going to speculate. All we can go by is their statement and there is nothing in their statement which justifies the downgrade.
“I am surprised that there has been a downgrade at all. I think that our strategy is an appropriate strategy to our circumstances. We are receptive to any good ideas that will help to us do better. . .” he said, in response to Barbados' investment rating being downgraded to junk.
Worrell said that Barbados was in control of its own affairs “precisely because we manage and we live within our means.”
He summed up the performance and prospects of the Barbadian society, noting that the economy was stable and that "we are living within our means."
Worrell also said Barbados does not have a debt problem, adding that growth is expected based on investments which the private sector has initiated in the foreign exchange earning and savings sectors, with Government's support.
Full statement from Standard & Poors posted on NATIONNews
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