Moody’s Investors Service announced late Thursday night that it had lowered the island’s foreign and local currency bond ratings to Ba1 from Baa3, while maintaining that the economic outlook was “negative”.
But in a swift response, Minister of Finance Chris Sinckler said: “The most recent ratings downgrade by Moody’s Investors Service comes as no surprise to us in the Ministry of Finance or in the Government, as a whole.”
Sinckler said in a statement that it was generally expected that since Standard & Poor’s had made their adjustment to the country’s credit rating some months ago, it was altogether likely that Moody’s would align their rating accordingly.
