Barbados: Foreign Currency Debt Rating Upgraded by S&P Global Ratings

 

• On December 11, 2019, S&P Global Ratings upgrades Barbados’ long-term and short-term foreign currency ratings on the country to 'B-/B' from 'SD/SD', a 6-notch upgrade.
• The successful restructuring of approximately $US531Mn in 2029 bonds and the issuance of US$32Mn in past-due interest bonds to holders of its U.S. dollar bonds that have been in default since 2018, was behind the upgrade.
• The outlook is stable, reflecting the agency’s belief that the Government of Barbados’ commitment to a fiscal and institutional adjustment is balanced with the economic and political challenges of doing so.

(Source: S&P)