Barbados Local Currency Ratings Improve amidst Execution of Economic Reform Plan

S&P raised its long- and short-term local currency sovereign credit ratings on Barbados to 'B-/B' from 'SD/SD' (selective default) on November 16, 2018. The agency also assigned a B- local currency issue rating on the domestic debt issued in the exchange and raised their transfer and convertibility assessment on Barbados to B- from CC. The improvement in the rating is due to the new administration completing its local currency debt exchange, initiating a local economic recovery plan and receiving approval from multilateral lending institutions for new sources of financing.

(S&P Capital IQ)