Another Moody’s downgrade
BARBADOS has received yet another downgrade from Moody’s.
Earlier today, Moody’s Investors Services downgraded the island’s government bond rating from Ba1 to Ba3, citing poor economic growth and rising fiscal deficits.
Moody’s again pointed to the rising costs of funding and the increasing reliance on short-term funding.
As the country’s economic outlook remains negative, Moody’s also noted the sharp decrease in foreign exchange reserves which helped sink the rating further into junk territory. (SAT)