PM’s say on Moody’s, NIS
A HEAP OF RUBBISH.
That is how Prime Minister Freundel Stuart has labelled reports that the National Insurance Scheme (NIS) will struggle to pay unemployment benefits over the next two years, as well as Moody’s Investor’s Service’s recent triple point downgrade of the island’s credit rating.
Responding specifically to Moody’s report which lowered Barbados’ rating from BA3 to B3, Stuart said the report was only relevant if Barbados wanted to “embark on an orgy of foreign borrowing”.
“But if we are not intending in the short or medium term to go to the capital markets to borrow money, what they say has as much value as what you would see in any garbage dump collected by the Sanitation Service Authority,” Stuart told the media during a tour of BMEX yesterday evening.
“Really, they have their work to do and we respect that work highly, but it is not as though they say when the second coming is going to take place. Those things are beyond both their kind and beyond their capacity.”