Sunday, April 21, 2024

Upgrade caution

Date:

Share post:

MOODY’S UPGRADE of Barbados’ credit rating has been welcomed, but it triggered warnings that the economic recovery was far from over.

Barbados Private Sector Association chairman Edward Clarke and Institute of Chartered Accountants of Barbados president Lydia McCollin cheered the news yesterday, while cautioning the major restoration was unfinished.

However, Senator Crystal Drakes, of the Opposition People’s Party for Democracy and Development, saw no reason to rejoice, lamenting that the upgrade resulted from policies that were “extremely burdensome on society”.

Economists Jeremy Stephen and Simon Naitram said though upgrades were positive, their real benefit would be determined by Government’s ability to resolve key issues, including the foreign debt default and economic reform.

On Tuesday, Moody’s raised Barbados’ foreign and local currency issuer ratings to Caa1 from Caa3, affirmed the foreign currency senior unsecured bond rating at Caa3, and maintained the stable outlook.

 

Subscribe now to our eNATION edition.

For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.

whatsapp-alerts-bloc

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Blackett endorses Yearwood, no-confidence in Thorne

Pandemonium broke out at a quarterly review meeting of the Democratic Labour Party (DLP) this evening after general...

Netanyahu to reject any sanctions on army units

Israel's Benjamin Netanyahu has vowed to reject any sanctions on the country's military, after reports that the US...

Search on for missing woman

About 400 people took part in the search for Sonia Parris.An employee of Chefette Wildey, Parris, 58, of...

Businesses reporting heavy losses with reusable bags, utensils

Some plastic retailers and manufacturers are facing thousands of dollars in losses. They are reporting the issue is with...