Friday, March 29, 2024

Another blow

Date:

Share post:

A MERE SIX weeks after affirming last September’s downgrade of Barbados’ long-term credit ratings to the low end of the “B” scale, international agency Standard & Poor’s yesterday further lowered the standing into the realm of the highly speculative “C” categories.

S&P said it dropped the long-term foreign and local currency sovereign credit ratings to “CCC+” from “B-” and the short-term to “C” from “B”, while assigning a negative outlook.

“The downgrade reflects our view that the Government of Barbados’ willingness to take timely, proactive corrective measures to strengthen its financial profile continues to erode,” the agency said.

“In our view, a weaker ability to meet its debt servicing requirements stems from still high fiscal deficits, limited access to private sector funding in the local market, as well as a decline in external funding, and with it foreign exchange reserves.” (AB)

Please read the full story in today’s Saturday Sun, or in the eNATION edition.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

No decision yet on Lester Vaughan School

A firm decision has not yet been made regarding when the Lester Vaughan School will be reopened. Following a...

BDF to conduct simulation exercise on April 2 & 3

The Barbados Defence Force (BDF) will conduct a Mass Casualty Simulation Exercise from Tuesday, April 2, to Wednesday,...

Barbadians reminded to file taxes online as filing season starts

The Barbados Revenue Authority (the BRA) is advising that tax filing season for 2023 begins on April 1 this...

Minister Abrahams’ statement on Ismail Patel’s passing

Below is the full statement by Minister of Home Affairs and Information, Wilfred Abrahams: I was saddened to...