Barbados’ Outlook to Negative From Stable by S&P
Special thanks to Barbados First for the assist
Minister of Finance Chris Sinckler refuted the rumour that VAT will be hiked to 20%
While Ministers Sealy and Sinckler were delivering a press conference at government headquarters which lacked the content to give hope to Barbadians, Standard & Poor’s posted that it had revised Barbados’ outlook to Negative from Stable. Bottomline, all economic KPIs continue to trend south under the management of Minister Chris Sinckler.
Barbados’ net general government debt burden is expected to rise to above 70% of GDP in fiscal 2013 from 67% in fiscal 2012 and 60% in fiscal 2011. Barbados has fallen back into recession after a very weak recovery in 2010-2012, with average annual real GDP growth of just 0.4% in those years. We are revising the outlook on our long-term rating on Barbados to negative from stable. We are affirming our ‘BB+/B’ sovereign credit ratings on Barbados. We could downgrade Barbados if the wider fiscal deficit is not reversed or if external pressures, associated with persistent current account deficits, mount. NEW YORK (Standard&Poor’s) July 18, 2013–Standard&Poor’s Ratings Services revised its outlook on its long-term rating.