(Barbados Nation) The Caribbean’s lone credit rating agency has downgraded Barbados, saying that the island’s economic performance for most of this year was disappointing and the prospects for growth in the country are not apparent.
Caribbean Information and Credit Rating Services Limited (CariCRIS), which is based in Trinidad and Tobago, said on Tuesday that it dropped by two notches the island’s rating on the Government debt issue of Bds$600 million to CariA- from CariA+ and a CariA on the local currency down from CariAA-.
CariCRIS’ downgrade follows on a series of downgrades that the island has received over the past two years from international rating agencies Standard & Poor’s and Moody’s.
The agency’s chief executive officer Wayne Dass said: “The downgrade of the Government of Barbados’ ratings is driven by the below expectations performance of economic growth, fiscal containment and the external position.”