DESPITE THE STRONG criticism levelled by the Barbados Government, Standard & Poor’s (S&P) isn’t backing down from its decision to downgrade the country’s credit rating to junk bond status.
Members of Prime Minister Freundel Stuart’s Cabinet, including Minister of Finance Chris Sinckler, Minister of Tourism Richard Sealy and Minister of Small Business Denis Kellman, as well as Central Bank Governor Dr DeLisle Worrell, had criticized the downgrade.
Reached at his Wall Street, New York office yesterday afternoon and asked for a reaction to the criticisms, S&P spokesman John Piecuch, director of communications, told the SATURDAY?SUN: “We have explained very clearly and publicly the rationale for our rating, and the methodology we apply in all of our sovereign ratings, and we have no further comment.”
S&P dropped Barbados’ rating from BBB to BB-stable last week.
