Barbados’ credit rating on its foreign currency debt has
been upgraded by New York based credit rating agency, Standard
& Poor’s (S&P) to B-, with a stable outlook.
According to Senior Economic Advisor to the Barbados Government,
Dr. Kevin Greenidge, the upgrade is quite an achievement,
particularly as the Barbados Economic Recovery and Transformation
(BERT) Programme was only just a year old.
Dr. Greenidge noted that the upgrade would “improve
prospects for investment, which augurs well for growth… The
upgrade sends a strong statement that BERT is working and speaks to
the strength of the adjustment programme and reforms being
undertaken.”
The ratings agency statement said in part, “We expect over
the next 12-18 months the Government will continue to implement
policies that achieve fiscal consolidation and instill
institutional safeguards, while strengthening macroeconomic
stability.”
