Barbados Prime Minister Suggests S&P Downgrade Not That Big A Deal
Despite a credit worthiness downgrade from respected ratings agency Standard & Poor’s (S&P), and a warning that the Barbados dollar is under threat, Prime Minister Freundel Stuart has suggested that the latest development is not that major for the country because it isn’t interested in borrowing on the international market.
Last Friday, the New York-based firm delivered a grim diagnosis of the island’s state of affairs, lowering the island’s long-term foreign and local currency sovereign debt rating on Barbados to CCC+ from B-, and the short-term foreign and local currency sovereign credit ratings to C to B.