Moody’s Upgrades Barbados

• Moody's Upgrades Barbados' Issuer Ratings to Caa1 and Affirms Foreign Currency Senior Unsecured Bond Rating at Caa3; Maintains Stable Outlook
• On July 2, 2019, Moody’s Investor Service upgraded Barbados' foreign and local currency issuer ratings to Caa1 from Caa3, and affirmed the foreign currency senior unsecured bond rating at Caa3, while maintaining a stable outlook.
• This rating action reflects a material improvement in Barbados' fiscal and debt metrics, and reduced susceptibility to event risk, following the restructuring of its local currency debt. Furthermore, Moody’s expects that the improving policy framework and on-going fiscal and structural adjustment will place government debt on a downward trajectory.
• As it relates to outstanding foreign currency bonds, Moody’s saw it fit to maintain the Caa3 rating because of the unresolved external debt restructuring.

(Source: Moody’s)