Barbados gets an upgrade from Standard & Poor’s

Standard & Poor’s has raised its long- and short-term local currency sovereign credit ratings on Barbados to ‘B-/B’ from ‘SD/SD’ (selective default).

At the same time, S&P assigned its ‘B-‘ issue-level rating to Barbados’ long-term debt issued in its debt exchange.

S&P also affirmed its ‘SD/SD’ long- and short-term foreign currency credit ratings on the island, and its ‘D’ (default) ratings on Barbados’ foreign-currency issues.

Finally, S&P raised its transfer and convertibility assessment on Barbados to ‘B-‘ from ‘CC’.

In its latest statement, S & P noted that Barbados’ new administration has completed its local currency debt exchange, initiated an economic recovery plan, and received approval from multilateral lending institutions for…

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