Posted on

Another downgrade from S&P

SHAWN CUMBERBATCH, [email protected]

Another downgrade from S&P

Social Share


Barbados has suffered another credit rating downgrade, but the long climb back from “junk” territory has started. That bittersweet news came from international credit rating agency Standard & Poor’s (S&P).

On Wednesday, S&P Global Ratings lowered its issue-level ratings on Barbados’ local currency issues outstanding to “D” (default) from “CC” on ten issues of Government debentures worth a combined $575 million.

These instruments had maturity dates ranging from October 31, 2018 to October to June 30, 2026. S&P said the rating on them was reduced to default in anticipation of the completed debt exchange.

At the same time, S&P affirmed its “SD/SD” (selective default) long- and short-term foreign and local currency sovereign credit ratings on Barbados, and its “D” (default) ratings on Barbados’ rated foreign-currency issues. It also maintained its “CC” transfer and convertibility assessment on the country. (SC)

Subscribe now to our eNATION edition.

For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.