‘Stumbling block’ to CLICO solution

THE RECENT DOWNGRADE of Barbados’ investment rating to junk bond status has been identified by some Caribbean officials as one of the factors standing in the way of a regional solution to the CLICO International Life (CIL) debacle.
However, Minister of Finance Chris Sinckler last night asserted that “the issue of some countries not having investment grade does not mean that they cannot participate in a solution and that is the case as well for Barbados”.
“It may make participation a bit more expensive but it does not mean that a solution cannot be found,” he added.
However, Sinckler did acknowledge that “Trinidad was the only territory involved in the CLICO Barbados solution that maintains investment grade by Standard & Poor’s (S&P)”.(KJ)