THE DOWNGRADE OF Barbados’ rating by Standard & Poor’s (S&P) will mean more of the same difficulties for the average citizen.
That was the assessment of Eddy Abed, president of the Barbados Chamber of Commerce & Industry (BCCI), as he responded to S&P’s decision to downgrade Barbados’ long term foreign and local currency to CCC+/C with a negative outlook.
“The Chamber is not surprised at the downgrade. We were told the last time that if we didn’t get our foreign reserves to a certain level that the rating agencies were looking for, and more important, if we did not get our debt under control, that we would definitely be downgraded again.”
Abed, owner of one of the country’s long-standing retail outlets, warned that if the most recent downgrade did not “wake up Barbadians”, nothing would. (GE)
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