CariCRIS Maintains Barbados’ Credit Rating

• CariCRIS has reaffirmed Barbados’ credit rating of CariBB for local currency and CariBB- for foreign currency, with a stable outlook. 
• The stable outlook reflects the agency’s expectation of successful realignment of the home-grown Barbados Economic Recovery and Transformation (BERT) programme, which is aimed at reducing debt-to-GDP to 60% by 2035/36 and introducing more stringent fiscal planning and accountability. 
• The ratings were also supported by several factors, including the fact that fiscal consolidation continues despite COVID-19 pressures and other unanticipated shocks, comfortable and growing foreign currency reserves, good financial sector stability indicators, and “strong tourism fundamentals suggest robust post-COVID-19 rebound potential”.

 (Source: CariCRIS)