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)
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